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Tokyo stocks soar as old prices rebound, yen softens

Xinhua, April 19, 2016 Adjust font size:

Tokyo stocks rallied Tuesday, with the benchmark Nikkei stock index closing almost 3.7 percent higher as a halt in the global oil glut and rebounding prices as well as the yen's retreat against the U.S. dollar combined to create a positive market mood.

The 225-issue Nikkei Stock Average jumped 598.49 points, or 3.68 percent, from Monday to close the day at 16,874.44, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange leapt 42.88 points, or 3.25 percent, to finish at 1,363.03.

Local traders said that the yen's retreat following the market's tumble a day earlier bolstered investor sentiment and saw market players buyback a swathe of issues including exporters, while the situation in Kuwait regarding its oil output also helped lift the mood.

With oil prices stabilizing, related issues closed higher, with Japan Drilling climbing 5.9 percent to 2,438 yen, while Showa Shell advanced 3.8 percent to end at 1,081 yen.

Mazda Motor accelerated 7.2 percent to 1,683.50 yen and consumer electronics behemoth Sony soared 6.5 percent to close at 2,913.50 yen.

Trading volume on the main section dropped to 2,097.97 million shares, down from Monday's volume of 2,182.06 million shares, with advancing issues outpacing declining ones by 1,792 to 118.

The day's turnover was 2,086.3 billion yen (19.15 billion U.S. dollars). Endit