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Tokyo stocks end higher after four days of losses

Oct 10 2018 12:33

Tokyo stocks closed marginally higher on Wednesday, as traders snapped up shares at bargain prices after four consecutive sessions of losses.

The benchmark Nikkei 225 index was up 0.16% at 23 506.04, while the broader Topix index gained 0.16% at 1 763.86.

"After four days of falling... Japanese shares are in a good place for bargain-hunting buys, even though a higher yen is somewhat weighing on the market," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

SoftBank dropped 5.37% to ¥10 125 after the Wall Street Journal reported the Japanese telecom giant and tech investor is discussing taking a majority stake in US co-working start-up WeWork.

"The investment could total between $15bn and $20bn," according to the paper, citing sources familiar with the talks.

Automakers were lower with Toyota losing 0.38% to ¥6 760 and Honda trading down 0.49% at ¥3 207.

Olympus was up 1.14% at ¥4 430 while market heavyweight and Uniqlo casual wear operator Fast Retailing jumped 2.34% to ¥59 800.

The dollar fetched ¥113.00 in Asian trade, fractionally higher than the ¥112.99 level in New York.

On Wall Street, the Dow closed down 0.2% at 26 430.57 as US shares faced another day of pressure from higher interest rates.

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equities  |  markets  |  tokyo stocks
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