Business / Financial Markets | TSE DATA & REPORT

Tokyo stocks rise on eased concerns over U.S.-China talks

JIJI

Stocks added to gains Tuesday thanks to receding concerns over U.S.-China trade negotiations.

The Nikkei 225 average edged 19.75 points, or 0.09 percent, higher to end at 22,098.84. On Friday, the key market gauge rose 34.64 points. The market was closed Monday for a national holiday.

The Topix, which covers all issues on the first section of the Tokyo Stock Exchange, finished 6.71 points, or 0.42 percent, higher at 1,622.94 after earning 0.57 points Friday.

The market surged from the outset, although U.S. shares failed to rise much despite strong economic data Monday as pessimism over the holding of high-level U.S.-China trade negotiations grew in the wake of the cancellation of visits to U.S. farms by Chinese trade officials.

Tokyo stocks got a boost from U.S. Treasury Secretary Steven Mnuchin’s fresh remarks in a media interview that the trade talks will resume in two weeks in Washington, brokers said.

In the afternoon, selling to lock in profits gained strength amid a spreading sense of caution over high prices, they added.

“The Nikkei average stayed in positive territory because it was underpinned by a rise in U.S. index futures (in off-hours trading),” said Yutaka Miura, senior technical analyst at Mizuho Securities Co.

The market was also supported by buying to secure rights to midterm dividends ahead of the first-half book closing Sept. 30, a brokerage house official pointed out.

Rising issues outnumbered falling ones 1,329 to 729 in the first section, while 93 issues were unchanged.

Volume decreased to 1.208 billion shares from 1.458 billion Friday.

Oil names such as JXTG and Idemitsu attracted purchases thanks to a rise in crude oil prices.

Sporting goods maker Asics jumped 3.62 percent to extend its winning streak to a 12th session.

Among other winners were mobile phone carrier KDDI and automaker Suzuki.

Meanwhile, shipping firms were lower, with Kawasaki Kisen plunging 5.64 percent and Mitsui O.S.K. Lines 1.96 percent.

Mitsubishi fell after announcing that a Singapore unit has incurred $320 million in losses in crude oil derivatives trading.

Also on the negative side were technology investor SoftBank Group and clothing store chain Fast Retailing.

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