Tokyo Stocks Open Higher Tracking US Rallies

Tokyo, (UrduPoint / Pakistan Point News - 25th Nov, 2020 ) :Tokyo stocks opened higher on Wednesday as investors took heart from rallies on Wall Street thanks to receding US political uncertainty.

The benchmark Nikkei 225 index was up 1.22 percent or 319.71 points at 26,485.30 in early trade, while the broader Topix index advanced 1.08 percent or 18.95 points to 1,781.35.

"Japanese shares are seen testing the upside with investors encouraged by sharp rallies in US stocks," said Okasan Online Securities chief strategist Yoshihiro Ito.

The US Dow soared above 30,000 points for the first time with investors now more reassured that the United States can avoid a constitutional crisis over the transition of power following elections earlier this month in which Joe Biden defeated President Donald Trump.

Trump still has not conceded, but on Monday his administration officially authorised a transition, clearing the way for Biden to have access to funds, office space and the ability to meet with Federal officials.

The Dollar fetched 104.51 Yen in early Asian trade, against 104.43 yen in New York late Tuesday.

Among major shares in Tokyo, Uniqlo casual wear operator Fast Retailing was up 3.19 percent at 85,650 yen, Sony was up 0.84 percent at 9,570 yen, and parts maker Shin-Etsu Chemical was up 1.32 percent at 16,125 yen.

Airlines were among winners, with ANA Holdings trading up 2.60 percent at 2,547.5 yen and Japan Airlines rallying 3.08 percent to 2,072 yen.

On Wall Street, the Dow ended up 1.5 percent at 30,042.71.