Tokyo stocks close higher

19 May, 2019 12:00 AM printer

TOKYO: Tokyo stocks closed higher on Friday, taking heart from rallies on Wall Street as concerns over the US-China trade war receded slightly and investors eyed Japanese GDP data early next week.

The benchmark Nikkei 225 index rose 0.89 percent or 187.11 points to end at 21,250.09, while the broader Topix index gained 1.09 percent, or 16.70 points, to 1,554.25, reports AFP.

“Excessive worries over the US-China trade war that sent stocks sharply lower earlier this week are receding, with the assumption that any actual punitive measures would come in late June or later,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

But he added that investors were “in a wait-and-see mood” in afternoon trade due to a lack of a sense of direction.

Traders were also awaiting Japanese GDP data due to be released on Monday.

The dollar fetched 109.59 yen in Asian trade, against 109.85 yen in New York late Thursday.

In Tokyo share trading, Sony surged 9.89 percent to 5,900 yen after the firm and its US video game rival Microsoft announced an alliance to improve their platforms for streaming entertainment from the cloud.

Sony’s domestic rival Nintendo climbed 2.19 percent to 37,690 yen. Chip-testing equipment maker Advantest dropped 2.63 percent to 2,805 yen while SoftBank Group gained 2.23 percent to 10,300 yen.