Tokyo stocks close slightly higher on vaccine progress

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IANS | 02 Dec, 2020
Tokyo stocks closed slightly higher on Wednesday as market players took a cue from expectations for access to Covid-19 vaccines following the benchmark Nikkei's close at a 29-year high the previous day.

The 225-issue Nikkei Stock Average rose 13.44 points, or 0.05 per cent, from Tuesday at 26,800.98, its highest close since April 17, 1991, Xinhua reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, ended 5.59 points, or 0.32 per cent, higher at 1,773.97.

Rubber product, nonferrous metal and marine transportation issues comprised those that gained the most by the close of play.

The Nikkei index moved around Tuesday's closing, which marked the highest level since April 18, 1991, while Tokyo shares finished the day higher.

The European Medicines Agency said that an opinion could be issued in a few weeks approving the authorization for the potential vaccines, fueling investors'confidence for the stock market.

Among the undervalued issues, shippers gained during the play of the day, with Kawasaki Kisen up 3.7 per cent, Nippon Yusen rising 2.3 per cent, and Mitsui O.S.K. Lines increasing 1.0 percent.

Beverage maker Ito En lost 3.8 per cent after the company downgraded its net profit forecast for the business year through April due to decreasing sales at convenience stores and vending machines amid the Covid-19 pandemic.

On the First Section, gaining issues outnumbered falling ones 1,158 to 934, while 85 finished the day unchanged.

Trading volume on the main section climbed to 1,428.81 million shares compared to Tuesday's 1,331.22 million shares.