Tokyo Shares End Higher After Wall St Rally

Sumaira FH Published May 27, 2024 | 02:50 PM

Tokyo, (APP - UrduPoint / Pakistan Point News - 27th May, 2024) Tokyo stocks ended higher on Monday, in line with gains across most of Asia, as investors took heart from gains on Wall Street.

The benchmark Nikkei 225 index rose 0.66 percent, or 253.91 points, to 38,900.02, while the broader Topix index added 0.87 percent, or 23.82 points, to 2,766.36.

Investors were upbeat after gains on Wall Street on Friday, and were shifting focus to the release of the US personal consumption expenditures index -- the Fed's preferred gauge of inflation -- at the end of this week.

But many refrained from making aggressive bets as they sought fresh trading cues with US markets closed on Monday for a holiday.

The Tokyo session was "quiet" but investors had a "moderate appetite" for buying and the market extended its gains towards the close, IwaiCosmo Securities said.

The Dollar fetched 156.81 Yen in Asian trade, against 156.93 yen in New York on Friday.

Among major shares, Toyota firmed 1.68 percent to 3,450 yen, Hitachi added 1.99 percent to 15,890 yen and Panasonic advanced 0.79 percent to 1,346 yen.

Heavily weighted Fast Retailing, which operates the Uniqlo brand, rose 1.29 percent to 40,830 yen.

Chip-testing equipment maker Advantest jumped 1.40 percent to 5,669 yen but chip-making equipment manufacturer Tokyo Electron lost 0.45 percent to 35,630 yen.