Recast by Market Returns, ADDS Analyst Comments, Stock Prices, Exchange Rates
The Tokyo stock market was firm on Monday as investors cheered the Dow Jones Industrial Average, which rose above 40,000 points last week, while dealing with a decline in U.S. tech stocks.
The benchmark Nikkei 225 index added 0.38 percent, or 145.49 points, to 38,932.87 in early trading, while the broader Topix…
Recast by Market Returns, ADDS Analyst Comments, Stock Prices, Exchange Rates
The Tokyo stock market was firm on Monday as investors cheered the Dow Jones Industrial Average, which rose above 40,000 points last week, while dealing with a decline in U.S. tech stocks.
The benchmark Nikkei 225 index rose 0.38%, or 145.49 points, to 38,932.87 in early trade, while the broader Topix index rose 0.51%, or 14.01 points, to 2,759.63.
There were few market-moving headlines, but National Australia Bank’s Tapas Strickland said the Dow’s rise was a result of “the recent strength in US equities seen since late 2023, solid earnings and prospects for interest rate cuts. “It certainly reflects the expansion of the economy.”
Investors in Tokyo are currently expected to stay largely out of the market until Wednesday, when U.S. semiconductor company Nvidia reports its results, according to brokerage Monex Securities.
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Until then, “the market is expected to remain directionless,” Monex said, with the Tokyo market expected to trade within a range after a mixed close in U.S. stocks last week. .
The dollar was at 155.82 yen, little changed from 155.71 yen in New York on Friday.
Fast Retailing, which has a large proportion of Uniqlo operators, increased its sales by 0.80% to 41,340 yen.
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Energy developer INPEX rose 2.74% to 2,421.5 yen, while Mitsubishi UFJ Financial Group rose 0.55% to 1,562 yen.
However, many tech and semiconductor stocks were under pressure. Sony Group fell 0.08% to 13,090 yen, and Tokyo Electron fell 0.30% to 35,980 yen.
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