Tokyo stocks open sharply higher on US bounceback

The benchmark Nikkei 225 index gained 1.79 per cent or 500.60 points to 28,511.53 in early trade, while the broader Topix index was up 1.74 per cent or 33.03 points at 1,932.48. — Reuters pic

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TOKYO, June 22 ― Tokyo stocks opened higher today, rebounding from the previous session as Wall Street came back from a rout last week.

The benchmark Nikkei 225 index gained 1.79 per cent or 500.60 points to 28,511.53 in early trade, while the broader Topix index was up 1.74 per cent or 33.03 points at 1,932.48.

“Japanese shares are seen starting with buying after US shares bounced back” for the first time in six sessions, Mizuho Securities said in a note.

“However, a wait-and-see attitude may grow in later trade ahead of Federal Reserve Chair (Jerome) Powell's testimony in the US Congress” later in the day, it added.

The dollar fetched ¥110.31 (RM4.14) in early Asian trade, against ¥110.18 in New York late yesterday.

In Tokyo, Nissan was up 3.47 per cent at ¥541.3 ahead of its general shareholders meeting, while its rivals were also higher, with Toyota trading up 2.85 per cent at ¥9,913 and Honda up 2.47 per cent at ¥3,480.

Among other shares, Sony was up 2.70 per cent at ¥10,825 and Panasonic up 3.56 per cent at ¥1,247.5. ― AFP

Source: Malay Mail