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Tokyo stocks close higher on bargain hunting

AFP . Tokyo
14 May 2022 00:00:00 | Update: 14 May 2022 07:42:37
Tokyo stocks close higher on bargain hunting

Tokyo stocks closed higher on Friday as bargain hunting offset worries over inflation and rising interest rates.

The benchmark Nikkei 225 index ended up 2.64 per cent, or 678.93 points, at 26,427.65, while the broader Topix index climbed 1.91 per cent, or 35.02 points, to 1,864.20.

"Even though worries over acceleration in the pace of US interest rate hikes are weighing on the market, the Nikkei index touching below 26,000 (in the previous session) is prompting buy-orders of Japanese shares," Mizuho Securities said in a note.

The dollar fetched 128.39 yen in Asian trade, against 128.89 yen in New York late Thursday.

In Tokyo, SoftBank Group soared 12.22 per cent to 5,040 yen, shrugging off a reported record net loss as its chief executive Masayoshi Son said his plans for microchip powerhouse Arm's IPO are intact and it was time to actively buy back SoftBank shares.

Nissan dropped 2.93 per cent to 490.2 yen after its full-year profit forecast was lower than market expectations.

Chip-making equipment manufacturer Tokyo Electron rallied 5.54 per cent to 56,990 yen, after its full-year profit forecast beat market expectations.

Toshiba ended up 1.10 per cent at 5,426 yen, following a report that more than 10 investment funds at home and abroad have proposed new strategies to the company management after it dropped plans to split into two.

After the market close, Toshiba reported a 70 per cent jump in its full-year net profit.

Honda firmed 2.19 per cent to 3,320 yen ahead of its earnings report due later in the day.

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