Tokyo Stocks Open Higher

Tokyo, (APP - UrduPoint / Pakistan Point News - 23rd May, 2024) Tokyo stocks opened higher on Thursday on the back of bumper results from US chip giant Nvidia.

The benchmark Nikkei 225 index added 0.49 percent, or 190.05 points, to 38,807.15 in early trade, while the broader Topix index was up 0.15 percent, or 4.20 points, at 2,741.56.

The Dollar fetched 156.70 Yen in early Asian trade, against 156.75 yen in New York late Wednesday.

After the US market close, Nvidia said its quarterly revenue hit a new high on demand for its chips to power artificial intelligence in data centres.

The California-based company reported a net profit of $14.9 billion, while its revenue of $26 billion was almost four times what it took in during the same fiscal quarter last year.

Overnight on Wall Street, the Dow Jones Industrial Average finished down 0.

5 percent at 39,671.04, the broad-based S&P 500 shed 0.3 percent, while the tech-rich Nasdaq Composite Index declined 0.2 percent.

"The Japanese market is expected to be led by gains in chip-linked shares after a better-than-expected Nvidia earnings report," brokerage Monex said.

But overnight falls on Wall Street, on the back of inflation concerns, and a rise in Japanese long-term bonds could weigh on the market, it added.

Among major shares in Tokyo, chip-testing equipment maker Advantest was up 2.88 percent at 5,715 yen, and chip-making equipment manufacturer Tokyo Electron was up 1.77 percent at 36,820 yen.

Sony Group was up 0.70 percent at 12,900 yen. SoftBank Group was up 1.66 percent at 8,511 yen.

Toyota was down 1.00 percent at 3,354 yen. Sumitomo Mitsui Financial Group was off 1.11 percent at 9,714 yen.