Tokyo stocks close up 1.09pc

Written by admin on 30/07/2019 Categories: 佛山桑拿网

Tokyo stocks have ended 1.

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09 per cent higher, buoyed by another day of gains on Wall Street and as railway and hotels giant Seibu Holdings rose nearly 11 per cent on its return to the Japanese market.

The benchmark Nikkei 225 index closed 157.50 points higher on Wednesday to finish at 14,546.27, while the Topix index of all first-section issues rose 0.97 per cent, or 11.31 points, to 1,173.81.

Seibu closed at 1,770 yen ($US17.25), up 11 per cent from its 1600 yen initial public offering price, which valued the group at about 605 billion yen.

The firm’s return to market came about a decade after it was delisted following a major accounting scandal and is a welcome solid result after some recent IPO bombs in Japan.

“The most logical reason why Seibu is up is that it was priced so low that the chance of failure was greatly minimised,” Tatsunori Kawai, chief strategist at kabu广西桑拿, Securities, told Dow Jones Newswires.

With US President Barack Obama due to in Tokyo late Wednesday, traders will be watching for any mention of a territorial dispute between Japan and China, which has hurt ties between the Asian trading partners.

They will also be hoping for signs of progress in talks on the vast Trans-Pacific Partnership (TPP) trade pact, with Washington and Tokyo at loggerheads over tariffs on Japanese agricultural products.

New York supplied a positive lead thanks to solid earnings and major pharmaceutical sector deals.

The S&P 500 added 0.41 per cent and the Nasdaq jumped 0.97 per cent, with each index clocking up a sixth successive advance after suffering heavy selling earlier this month. The Dow climbed 0.40 per cent, a third straight gain.

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