TOKYO – Tokyo stocks opened higher today, extending rallies on Wall Street as coronavirus vaccines become increasingly available, with buying for dividends also supporting the Japanese market.
The benchmark Nikkei 225 index was up 0.95%, or 277.97 points, at 29,454.67 in early trade, while the broader Topix index gained 0.72%, or 14.24 points, to 1,998.40.
Japanese shares are seen starting with gains following rallies on Wall Street where “investors were encouraged by progress in vaccination,” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.
“As today is the deadline for rights to receive dividends, the focus will be purchases aimed at dividends and re-investment,” he added.
The dollar fetched 109.64 yen in early Asian trade, against 109.63 yen in New York late Friday.
In Tokyo, oil-linked shares were higher on optimism the global economy is on track to recovery, with oil developer Inpex gaining 1.03% at 787 yen and oil distributor Idemitsu Kosan up 0.61% at 2,970 yen.
Some exporters were higher, with Sony trading up 1.97% at 11,660 yen, Toyota up 1.04% at 8,446 yen, and Canon up 2.04% at 2,526 yen.
On Wall Street, the Dow finished 1.4% higher at 33,072.88, topping a record set earlier this month. – AFP, March 29, 2021
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