Tokyo stocks close higher tracking US rallies

News24
25 Nov 2020, 19:43 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

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