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Japan Nikkei gains on trade deal optimism

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Headline indices of the Japan share market finished session higher after recouping early losses on Monday, 18 November 2019, as optimism gradually returned for Sino-U. S. trade deal after U. S. and Chinese officials sounded more positive.

At closing bell, the 225-issue Nikkei Stock Average advanced 113.44 points, or 0.5%, to 23,416.76, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange grew 4.05 points, or 0.24%, at 1,700.72.

Total 20 issues of the 33 industry category of Topix index dived into negative territory, with Textiles & Apparels, Oil & Coal Products, Fishery, Agriculture & Forestry, Insurance, and Securities & Commodities Futures issues being notable losers, while Pharmaceutical, Information & Communication, and Precision Instruments issues were notable gainers.

Optimism gradually returned after report that the two sides had "constructive talks" on trade on Saturday that included Vice Premier Liu He, U. S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. That came after White House economic advisor Larry Kudlow said late last week the two economic powerhouses were getting close to a deal.

Z Holdings, formerly known as Yahoo Japan, and Line Corp climbed 1.9% and 1.8%, respectively, after the two sides formally annouced a merger plan shortly before the market open to create a $30 billion tech giant.

CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, eased against greenback. The Japanese yen traded at 108.81 per dollar after seeing highs below 108.4 in the previous trading week.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 18 2019. 12:42 IST
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