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Tokyo stocks rise on bargain-hunting

May 17 2018 09:32

Tokyo - Tokyo stocks rose moderately on Thursday as investors bought on dips after two days of losses, with buying sentiment supported by gains on Wall Street and a weak yen.

The benchmark Nikkei 225 index rose 0.53% to 22 838.37 while the broader Topix index was up 0.45% at 1 808.37.

"Investors are buying back after prices fell for two days in a row," said Hikaru Sato, senior technical analyst at Daiwa Securities.

"The yen's decline also helped encourage investors to buy back," Sato told AFP.

The dollar stayed firm in anticipation of higher interest rates, trading at ¥110.28, slightly down from ¥110.34 in New York on Wednesday but still up from ¥109.96 on Monday.

SBI Securities noted some investors might retreat to the sidelines ahead of US-China trade talks in Washington on Thursday and on Friday.

"A wait-and-see mood may spread as they want to see how the negotiations will go," it said in a commentary.

On Wednesday, upbeat data about US industry and positive corporate results sent US stocks higher on a fresh bout of optimism.

The benchmark Dow Jones Industrial Average gained 0.25% while the broader S&P 500 jumped 0.41%.

In Tokyo, banks were higher with Mitsubishi UFJ climbing 1.22% to ¥728.5 and Sumitomo Mitsui up 1.37% at ¥4 707.

Carmakers were also up. Honda rallied 0.52% to ¥3 659 and Nissan rose 0.30% to ¥1 137 with Toyota up 0.05% at ¥7 555.

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equities  |  markets  |  tokyo stocks
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