Tokyo's Nikkei Jumps More Than 1% On Hope For US-China Talks

Muhammad Irfan Published October 11, 2019 | 12:17 PM

Tokyo's benchmark Nikkei index gained more than one percent Friday on growing hopes for progress in a planned high-level meeting between US and Chinese trade officials later in the day

Tokyo, (UrduPoint / Pakistan Point News - 11th Oct, 2019 ) :Tokyo's benchmark Nikkei index gained more than one percent Friday on growing hopes for progress in a planned high-level meeting between US and Chinese trade officials later in the day.

The Nikkei 225 index rose 1.15 percent, or 246.89 points, to close at 21,798.87. Over the week, however, it lost 1.8 percent.

The broader Topix index was up 0.88 percent, or 13.85 points, at 1,595.27, but fell 1.4 percent over the week.

Buying sentiment increased after President Donald Trump announced he would meet Vice Premier Liu He, raising hopes about prospects for high-level trade negotiations that resumed Thursday.

"Expectations of progress in US-China trade talks are high," said Yoshihiro Okumura, general manager at Chibagin Asset Management.

"But that won't be the end of the talks," Okumura told AFP. "We will continue watching their negotiations.

" A weak Yen also helped encourage investors to buy shares, dealers said.

The Dollar fetched 108.00 yen in Asian afternoon trade, against 107.88 yen in New York late Thursday.

Stocks have gyrated this week in response to conflicting signals from Washington and Beijing, tumbling after the US announced new restrictions on Chinese companies over human rights abuses and rallying on reports emphasising the possibility of a narrow agreement that averts further tariffs.

In Tokyo, exporters were higher across the board, with Toyota trading up 2.26 percent at 7,269 yen, Honda up 2.29 percent at 2,828.5 yen.

Sony rose 1.53 percent at 6,230 yen and Panasonic up 1.89 percent at 877.9 yen but Nintendo lost 1.06 percent to 39,870 yen.

Tokyo Electric Power Company Holdings dropped 1.11 percent to 534 yen on concerns over a potential blackout as a powerful typhoon was approaching the capital.