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Tokyo stocks close higher after US-N. Korea summit

AFP  |  Tokyo 

stocks gained today, extending rallies on as investors largely welcomed a historic summit between the and

The benchmark index rose 0.33 percent or 74.31 points to close at 22,878.35, while the broader index was up 0.33 percent or 5.98 points at 1,792.82.

"The market largely welcomed the US-summit," said Hikaru Sato, at

"The fact that the summit took place without a breakdown can be regarded as a positive factor," Sato told AFP.

"But we will have to keep an eye on the two countries for now as they have just begun the process." US said there had been a "lot of progress" in his talks with North Korea's Un, before the pair signed a document together.

The first-ever summit between sitting leaders of the two foes went "better than anybody could have expected", said Trump, who is scheduled to hold a conference later in the day.

"Stocks this week will face a series of events... namely the US-summit and central in Japan, the US and Europe," Masayuki Toshida, at Rakuten Securities, said in a commentary.

"In addition, worries over trade frictions caused by protectionist US economic policy still linger," he said.

The direction of the market could change dramatically depending on developments in these events, he said.

In Tokyo, market heavyweight Fast Retailing, the operator of casual clothing, was up 1.13 percent at 50,840 yen.

gained 0.17 percent to 8,157 yen while rose 0.16 percent to 41,710 yen.

rose 1.36 percent to 1,597 yen but fell 0.56 percent to 5,478 yen with down 1.26 percent at 7,397 yen.

fell 0.20 percent to 675.3 yen and Financial was unchanged at 4,542 yen.

The dollar fetched 110.28 yen in Asian afternoon trade, against 110.02 yen in late Monday.

Global equity markets rose Monday as traders brushed off a chaotic meeting to focus instead on the Trump-Kim summit.

The Dow Jones Industrial Average finished up less than 0.1 percent, while the tech-rich Index gained 0.2 percent.

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

First Published: Tue, June 12 2018. 12:40 IST