Tokyo stocks open higher as N. Korea fears ease | Fin24

Tokyo stocks open higher as N. Korea fears ease

May 28 2018 07:45
The Tokyo Stock Exchange dropped more than 3% on F

The Tokyo Stock Exchange dropped more than 3% on Friday (August 8) as investors reacted to US President Barack Obama's authorisation of air strikes on Iraq. (Kazuhiro Nogi, AFP)

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Tokyo -Tokyo stocks opened higher on Monday as geopolitical worries ebbed after US and North Korean officials met on Sunday to resume preparations for a summit between the leaders of the two countries.

The benchmark Nikkei 225 index edged up 0.15% or 33.77 points to 22 484.56 in early trade, while the broader Topix index was up 0.03% or 0.48 points at 1 772.18.

"Excessive worries receded as efforts resumed for a summit between the US and North Korea," Okasan Online Securities strategist Yoshihiro Ito said in a commentary.

"However active trading is not expected as there still remains uncertainty."

Monday trade was thin because of a lack of foreign investors as bourses in London and New York were to be closed for public holidays on Monday, analysts said.

Sony was up 2.10% at ¥5 188, Hitachi climbed 0.60% at ¥824.7, while manufacturer of chip-making equipment Tokyo Electron rose 1.52% at ¥21 655 after the NASDAQ ended up in New York on Friday.

The dollar fetched ¥109.74 in early Asian trade, up slightly from ¥109.40 in New York late on Friday.

On Wall Street, the benchmark Dow Jones Industrial Average fell 0.2% to close at 24 753.09, and broader S&P 500 lost the same amount to end at 2 721.33.

But chipmakers lifted the NASDAQ by 0.1% to finish at 7 433.85.

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