Roundup: Tokyo stocks close higher on U.S. stock futures' rebound, solid earnings

0 Comment(s)Print E-mail Xinhua, February 4, 2022
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TOKYO, Feb. 4 (Xinhua) -- Tokyo stocks closed higher Friday as a rebound in U.S. stock futures enlivened the market in the afternoon helped by financial issues rallying along with firms reporting solid earnings.

The 225-issue Nikkei Stock Average gained 198.68 points, or 0.73 percent, from Thursday to close the day at 27,439.99.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 10.64 points, or 0.55 percent, to finish at 1,930.56.

Local brokers said that the pace of buying picked up in the afternoon nudging the index into positive territory, as U.S. stock futures bounced back.

"Investor sentiment was lifted by gains in U.S. stock futures, which advanced following the release of positive earnings by e-commerce giant Amazon.com Inc.," one local broker was quoted as saying.

Dealers also said that firms reporting solid earning or upwardly revising their profit outlook also helped buoy the market mood, although noted the market was beginning to become top-heavy.

"Earning reports released recently have been positive and many companies have revised their forecasts upward," Yutaka Miura, senior technical analyst at Mizuho Securities Co., was quoted as saying.

"So investors snapped up those shares, but the market was still largely top-heavy today," Miura added.

By the close of play, marine transportation, air transportation and warehousing and harbor transportation service issues comprised those that gained the most, and issues that rose outpaced those that fell by 1,482 to 619 on the First Section, while 82 ended the day unchanged.

Tech and gaming issues found favor as Wall Street futures advanced, with Tokyo Electron gaining 1.5 percent, while Nintendo climbed 3.6 percent. Konami Holdings, meanwhile, surged 11.7 percent after reporting upbeat earnings.

Panasonic, for its part, closed the day 2.0 percent higher.

Among shipping firms, Kawasaki Kisen leapt 9.6 percent, while Nikkei heavyweight Fast Retailing, owner of the Uniqlo chain of casual clothing stores, buoyed the broader market, jumping 3.6 percent.

On the main section on Friday, 1,357.65 million shares changed hands, rising from Thursday's volume of 1,292.79 million shares.

The turnover on the final trading day of the week came to 3,307.83 billion yen (28.75 billion U.S. dollars). Enditem

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