Tokyo Shares Open Higher Following US Tech Gains

Tokyo, (APP - UrduPoint / Pakistan Point News - 21st May, 2024) Tokyo stocks opened higher on Tuesday after the Nasdaq rose to a new record close.

The benchmark Nikkei 225 index added 0.54 percent, or 209.80 points, to 39,279.48 in early trade, while the broader Topix index rose 0.31 percent, or 8.77 points, to 2,776.81.

The tech-rich Nasdaq advanced 0.7 percent overnight to a new all-time high, while the Dow eased 0.5 percent after finishing at a record last week.

"A focus for the Nikkei is the high-tech sector after US high-tech issues advanced of Nvidia's earnings slated for later this week," brokerage house Monex said.

But it added the Nikkei may move in a narrow band after the Dow edged down.

"The market may move without a clear sense of direction," Monex added.

The Dollar was at 156.39 yen, compared with 156.29 Yen on Monday in New York.

Overnight, Nvidia shares surged 2.48 percent, fueling hopes that the momentum could also lift Japanese semiconductor shares.

Tokyo Electron duly jumped 1.40 percent to 36,850 yen. Advantest rose 1.81 percent to 5,620 yen.

Tech investor SoftBank Group added 0.59 percent to 8,361 yen.

Uniqlo-operator Fast Retailing rose 0.70 percent to 41,650 yen.

Nintendo added 0.62 percent to 8,443 yen.

Toyota rose 0.26 percent to 3,456 yen. Sony Group eased 0.23 percent to 13,035 yen.