Tokyo Shares End Higher On Hopes For New Japan Govt

Tokyo shares ended higher Friday as investors stayed optimistic about the new government of Prime Minister Yoshihide Suga, who took office this week

Tokyo (UrduPoint / Pakistan Point News - 18th Sep, 2020 ) :Tokyo shares ended higher Friday as investors stayed optimistic about the new government of Prime Minister Yoshihide Suga, who took office this week.

The benchmark Nikkei 225 index added 0.18 percent, or 40.93 points, to close at 23,360.30 for a weekly loss of 0.20 percent.

The broader Topix index finished 0.49 percent, or 8.02 points, higher at 1,646.42 for a weekly gain of 0.60 percent.

"Expectations for the new government of Yoshihide Suga are supporting" the downside as polls show high approval rates, Okasan Online Securities said in a note to clients.

But a lack of fresh news pushed investors to spend most of the day adjusting their positions ahead of a four-day weekend in Japan.

"After the rally in the morning, the market lacked new cues and trade became directionless," Okasan said.

By the lunch break, many players went into wait-and-see mode.

"The Nikkei hovered in a narrow range just above the 23,300 mark. But charts indicate... strong appetite for bargain hunting," Okasan said.

"Whenever (the Nikkei) dips, people pick up bargain shares." The Dollar stood at 104.83 yen, against 104.71 Yen in New York and 104.99 yen in Tokyo afternoon hours on Thursday.

Among major shares, automakers fared well. Nissan jumped 1.32 percent to 384.1 yen. Honda rose 0.89 percent to 2,613, and Toyota rose 0.2 percent to 7,038 yen.

Sony, which this week announced the planned launch of the PlayStation 5 game console, roared 2.35 percent to 2,323 yen. Rival game maker Nintendo also climbed 1.22 percent to 59,700 yen.

Global internet investor SoftBank Group fell 1.09 percent to 6,545 yen after recent rallies and following overnight falls of US tech shares.

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