Tokyo Shares Open Higher After US Tech Gains

Tokyo, (APP - UrduPoint / Pakistan Point News - 9th Apr, 2024) Tokyo stocks opened higher on Tuesday following gains of tech-related shares on Wall Street, with investors looking ahead to key US inflation data.

The benchmark Nikkei 225 index climbed 0.56 percent, or 219.69 points, to 39,566.73, while the broader Topix index added 0.43 percent, or 11.81 points, to 2,740.13.

The Dollar fetched 151.82 Yen against 151.85 yen in New York and 151.78 yen in Tokyo on Monday.

"Japanese shares are expected to grow steadily, mainly as the yen continues to weaken against the dollar in the 151 yen range," Monex senior market analyst Toshiyuki Kanayama said.

Traders were also waiting for key US consumer price readings due Wednesday that are expected to influence the Federal Reserve's upcoming policy decisions.

Wall Street stocks finished near flat Monday, but the tech-rich Nasdaq Composite Index nudged higher and the Philadelphia Semiconductor Index also closed up.

In Tokyo trading, semiconductor-linked shares were higher, with Tokyo Electron jumping 1.96 percent to 38,400 and Advantest rising 1.16 percent to 6,037 yen.

Shin-Etsu Chemical gained 3.15 percent to 6,387 yen after the Nikkei business daily reported that the firm would build its first new plant to make chip materials in Japan in 56 years.

Sony Group advanced 0.16 percent to 12,820 yen, while Uniqlo operator Fast Retailing rose 1.09 percent to 45,340 yen.