Tokyo stocks close higher despite virus fears

Tokyo stocks close higher after Wall Street rebound despite coronavirus fears

The gain came after the global market went through a broad sell-off, as coronavirus cases continued to spread in and outside of China

Tokyo stocks closed higher on Wednesday after Wall Street rebounded, as investors eyed developments related to the spread of the deadly novel coronavirus.

The benchmark Nikkei 225 index added 0.71%, or 163.69 points, to end at 23,379.40, while the broader Topix index rose 0.45%, or 7.67 points, to 1,699.95.

The gain came after the global market went through a broad sell-off, as coronavirus cases continued to spread in and outside of China.

"Tokyo shares rebounded following gains in US shares, after two days of losses on the local market," Okasan Online Securities said in a note.

World markets regained a sense of stability after WHO chief Tedros Adhanom Ghebreyesus in Beijing said he believed that China was capable of controlling and containing the new virus, Okasan added.

But "there's still strong concern about the spread of the novel coronavirus," it said, as the death toll in China soared to more than 130 and confirmed infections neared 6,000.

The dollar fetched 109.13 yen against 109.12 yen in New York late Tuesday.

Among major shares, SoftBank Group gained 2.24% to 4,692 yen while Honda rose 1.87% to 2,902.5 yen.

Sony was up 0.79% to 7,835 yen. Tyre maker Bridgestone climbed 1.11% to 3,916 yen.

Shipping shares also enjoyed healthy gains. Top logistics firm Nippon Yusen Kabushiki Kaisha jumped 3.21% to 1,830 yen. Mitsui OSK Lines advanced 3.07% to 2,779 yen.

 

 

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