Roundup: Tokyo stocks close higher following Wall Street rally

0 Comment(s)Print E-mail Xinhua, November 25, 2020
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TOKYO, Nov. 25 (Xinhua) -- Tokyo stocks closed higher Wednesday, as investors' confidence was boosted by an overnight rise of the Dow that closed above the 30,000-mark for the first time in history.

The 225-issue Nikkei Stock Average increased by 131.27 points, or 0.50 percent, from Tuesday to close at 26,296.86, marking the highest closing since May 9, 1991.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, ended 5.27 points, or 0.30 percent higher at 1,767.67.

Marine transportation, air transportation and mining issues comprised those that rose the most by the close of play.

The benchmark Nikkei index briefly surged more than 2 percent in the morning trading following the Dow's overnight gain that allowed it to close above the 30,000-mark for the first time in history.

The investors' confidence has also been boosted by hopes for the beginning of the U.S. presidential transition process and COVID-19 vaccine development progress.

"Growing hopes for businesses reopening in the future on the recent vaccine progress boosted some sectors especially sensitive to business cycles, such as shippers and steel makers," Maki Sawada, vice president of the investment research and investor services department at Nomura Securities Co., was quoted as saying by local media.

However, before the close of the play, some gains were pared due to news about shorter business operation hours. At Tokyo Governor Yuriko Koike's press conference, she revealed new measures to cope with the recent spike in coronavirus cases and called on people to avoid going out unless necessary.

"The reports weighed on the market and there were also concerns about (the Nikkei's) recent fast pace of rise," local media quoted Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co.

In terms of individual shares, shippers rose notably during the day.

Nippon Yusen gained 5.6 percent, while Kawasaki Kisen increased by 6.0 percent.

JFE Holdings was up 2.4 percent, while Kobe Steel rose 3.0 percent.

On the First Section, decreasing issues outnumbered gainers 1,318 to 771, while 89 finished the same.

Trading volume on the main section increased to 1,549.46 million shares compared to 1,398.69 million shares on Tuesday. Enditem

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