Tokyo's Key Nikkei Index Up In Early Trade

Tokyo, (APP - UrduPoint / Pakistan Point News - 9th Feb, 2024) Tokyo's benchmark Nikkei index traded higher at the open on Friday, supported by Wall Street rallies as investors looked ahead to corporate earnings reports.

The Nikkei 225 index was up 0.44 percent, or 163.99 points, at 37,027.27, while the broader Topix index slipped 0.08 percent, or 1.99 points, to 2,560.64.

"The Japanese market is expected to start with gains following rallies in US shares," senior market analyst Toshiyuki Kanayama of Monex said.

Now "the focus is whether the Nikkei index will extend its gains above the 37,000 level", he added.

The Dollar fetched 149.33 Yen in early Asian trade, against 149.30 yen in New York.

Overnight on Wall Street, the S&P 500 flirted with a landmark new peak but finished just shy of 5,000 points, up 0.

1 percent.

The Dow Jones Industrial Average also edged up 0.1 percent, while the tech-rich Nasdaq advanced 0.2 percent.

In Tokyo, SoftBank Group soared 10.73 percent to 8,139 yen after saying it had returned to the black in October-December 2023 following four consecutive quarterly losses.

Honda was down 1.18 percent at 1,713.5 yen after recent rallies and the upgrade of its annual profit forecast thanks to a strong dollar and healthy North American demand.

Its rival Nissan dived 9.96 percent to 563.1 yen after its third-quarter operating profit missed analyst estimates, even as its net profit almost tripled year-on-year.