Tokyo stocks close higher tracking US rallies

News24
25 Nov 2020, 15:13 GMT+10

Tokyo stocks closed higher on Wednesday as investors took heart from rallies on Wall Street, with US political uncertainty receding.

The benchmark Nikkei 225 index was up 0.50% or 131.27 points, to end at 26 296.86, while the broader Topix index advanced 0.30%, or 5.27 points, to 1 767.67.

In the afternoon, however, gains narrowed "due to concerns over the economy after Tokyo said it would ask eateries to close early", Okasan Online Securities said in a note to clients.

The Tokyo metropolitan government has reportedly decided to ask establishments offering alcohol to close at 10 pm until mid-December as the number of Covid cases rises in the capital.

Companies that comply with the request will get subsidies of up to ¥400 000 ($3 830), according to public broadcaster NHK.

The US Dow soared above 30 000 points for the first time with investors reassured the United States can avoid a constitutional crisis over the transition of power following elections earlier this month.

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

The dollar fetched 104.53 yen in Asian trade, against 104.43 yen in New York late Tuesday.

Among major shares in Tokyo, Uniqlo casual wear operator Fast Retailing climbed 0.81% to 83 680 yen while Sony grew 3.37% to 9 810 yen.

Nissan soared 6.95% to 538.2 yen.

Airlines were among winners, with ANA Holdings gaining 4.67% to 2 599 yen and Japan Airlines jumping 10.19% to 2 215 yen.

Source: News24

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.

More Information

null in null

Business

Section

WK Kellogg sold to Ferrero as food giants chase shelf power

BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...

Filmmaker joins biotech effort to bring back extinct giant bird

WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...

India seeks WTO nod for retaliatory tariffs on US

NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...

AI boom propels Nvidia to historic market cap milestone

SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...

AI saves $500 million for Microsoft as layoffs reshape strategy

REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...

FTC’s rule to ease subscription cancellations struck down by court

WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...

Sectors - Broadcasting

Section