Tokyo stocks reversed earlier losses and ended higher on Friday, as confidence about sound business performances expanded ahead of corporate earnings season in Japan. The benchmark Nikkei 225 index ended up 0.40 percent, or 111.66 points, at 27,914.66, while the broader Topix index gained 0.28 percent, or 5.38 points, to 1,955.97. Rallies were led by…
Tokyo stocks reversed earlier losses and ended higher on Friday, as confidence about sound business performances expanded ahead of corporate earnings season in Japan. The benchmark Nikkei 225 index ended up 0.40 percent, or 111.66 points, at 27,914.66, while the broader Topic index gained 0.28 percent, or 5.38 points, to 1,955.97.
Rallies were led by “shipping firms which have announced upward revisions to their full-year earnings forecasts”, Daiwa Securities said in a commentary. Kawasaki Kisen climbed 11.31 percent to 9,840 yen ($71.46) after it revised its full-year pre-tax profit forecast.
Mitsui O.S.K. Lines ended up 2.93 percent at 3,510 yen, and Nippon Yusen rallied 4.02 percent to 10,360 yen after the shipping firms similarly revised full-year current profit forecasts.
The mood among investors was also generally buoyant after Wall Street advanced overnight, boosted by strong earnings from bellwether companies like Tesla, analysts said. Sony Group was up 0.63 percent at 12,025 yen, chip-testing equipment maker Advantest was up 0.80 percent at 7,540 yen, and Toyota was up 0.41 percent at 2,202.5 yen.
But Honda ended down 1.56 percent at 3,468 yen and Nissan slid 1.06 percent to 515.5 yen. The dollar fetched 137.87 yen in late Asian trade, against 137.34 yen in New York late Thursday.
Source: eNCA
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