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Japan Nikkei ends tad higher

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Capital Market
Headline indices of the Japan share market closed slight higher on Tuesday, 19 February 2019, as buying on hopes for a trade deal between the United States and China was offset by selling to lock in gains following a sharp rise the previous day. TSE33 issues were mixed, with gainers lead by mining, oil and coal product, and land transportation issues. At closing bell, the 225-issue Nikkei Stock Average ended up 20.80 points, or 0.10%, at 21,302.65. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 4.56 points, or 0.28%, higher at 1,606.52.

Japanese stocks opened slightly lower and moved narrowly around the previous day's closing level throughout the day amid the absence of fresh trading cues, while investors locked in recent gains after the Nikkei hit a two-month high on Monday. Buying slightly gained the upper hand later on hopes for a trade deal between the United States and China, as the world's two largest economies will resume talks in Washington later in the week.

 

Top-level officials from the world's two biggest economies will reconvene in Washington after a series of negotiations in Beijing last week, with the US side telling Donald Trump they had been "very productive".

Shares of defensive issues, mainly focused on the domestic market, gained ground. Tokyo-based railway operator Tokyu rose 3.9% to 1,880 yen, while Chubu Electric Power climbed 2.7% to 1,754.00 yen.

Among individual stocks, SoftBank Group fell 3.3% to 10,035 yen after reports that key investors of the company's Vision Fund in Saudi Arabia and Abu Dhabi complained about its investment in tech startups.

Honda Motor gained 0.4% to 3,014 yen following news reports that the company will close its car plant in Britain in 2022.

Rental apartment operator Leopalace21 shot up 12.44%, although the gain by the scandal-battered company fell far short of recouping losses in its six-session collapse.

CURRENCY NEWS: The Japanese yen was softer against the greenback on Tuesday. The dollar fetched 110.61 yen in Asian afternoon trade, against 110.59 yen in London time.

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First Published: Feb 19 2019 | 3:44 PM IST

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