Tokyo Stocks Close Up, Takata Shares Surge

TOKYO, , (UrduPoint / Pakistan Point News - 23rd Jun, 2017 ) - Tokyo stocks ended Friday slightly higher in cautious trade short of key market-moving events, while airbag supplier Takata rallied after several days of losses before an expected bankruptcy filing.

Some oil-linked firms ticked up as crude saw a rare positive day on Thursday after hefty selling that sent the commodity to a 10-month low. "The oil market is still going sideways, but the fact that it's halted its decline is a source of encouragement," Hideyuki Ishiguro, a senior strategist at Daiwa Securities, told Bloomberg news.

Tokyo's benchmark Nikkei 225 index gained 0.11 percent, or 22.16 points, to close at 20,132.67, while the Topix index of all first-section issues edged up 0.06 percent, or 0.96 points, to 1,611.34.

Okasan Online Securities said in a commentary: "With a lack of fresh incentives, profit-taking has capped any gain, while dip-buying provided support.

" Japan Petroleum Exploration rose 1.07 percent to 2,250 and oil refiner Idemitsu Kosan gained 0.95 percent to 3,160 yen.

Takata surged 45.45 percent to 160 yen, swinging after days of huge losses on expectations the airbag maker at the centre of the auto industry's biggest-ever safety recall will apply for bankruptcy protection.

Until Friday, the firm had lost three-quarters of its value in a week following reports of the planned Chapter 11 filing. Toshiba lost 4.43 percent to 307.8 Yen as it asked for another delay in reporting its long-overdue earnings.

After the market close Toshiba said it received approval to extend the deadline for its earnings report from the finance ministry. Toyota fell 0.28 percent to 5,860 yen while Nintendo rose 2.76 percent to 38,440 yen. The Dollar changed hands at 111.26 yen against 111.30 yen in New York.