Mon, 01 Mar 2021

Tokyo stocks close higher with eyes on earnings

26 Jan 2021, 20:12 GMT+10

Tokyo stocks ended higher Monday after a mixed close on Wall Street last week, as investors shifted their focus to Japan's corporate earnings season.

The benchmark Nikkei 225 index climbed 0.67%, or 190.84 points, to 28 822.29, while the broader Topix index advanced 0.29%, or 5.36 points, to 1 862.00.

Investors are "increasingly taking a wait-and-see attitude due to uncertainties over the new US stimulus and ahead of Japan's corporate earnings season", Mizuho Securities said.

The dollar fetched 103.71 yen in Asian trade, against 103.79 yen in New York late Friday.

In Tokyo, Toshiba sky-rocketed 16.77% to 3 460 yen after confirming its return to the prestigious first section of the Tokyo Stock Exchange.

Takeda Pharmaceutical rallied 3.54% to 3 714 yen after four days of declines on profit-taking.

Steel manufacturer Tokyo Tekko was down 2.46% at 2 024 after it cut its full-year profit forecast by 34% to 3.7 billion yen.

Tech components producer Nidec was up 0.85% at 14 320 yen. After the market close, the firm said it had revised up operating, pre-tax and net profit forecasts for the year to March - now expecting a net profit of 120 billion yen ($1.2 billion) against 105 billion yen in the previous forecast.

Source: News24

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