Tokyo stocks close higher on bargain hunting ahead of Thanksgiving holiday

Source: Xinhua| 2018-11-22 19:18:07|Editor: xuxin
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TOKYO, Nov. 22 (Xinhua) -- Tokyo stocks closed higher in choppy trade Thursday as investors sought out issues oversold recently and bought them back on dips ahead of the United States' Thanksgiving holiday.

The 225-issue Nikkei Stock Average gained 139.01 points, or 0.65 percent, from Wednesday to close the day at 21,646.55.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 13.07 points, or 0.81 percent, to finish at 1,628.96.

Shares got off to a positive start following a solid lead from Wall Street overnight, which lifted the market mood here, local brokers said.

They added that shares lost ground, however, by the morning break, owing to concerns over the outlook for the global economy and a retreat of Chinese stocks.

In later trade investors sought out issues oversold, especially those of tech-related issues that have been under pressure globally recently following some U.S. bellwether tech firms' profit guidances, outlooks and production being cut.

Yutaka Miura, a senior technical analyst at Mizuho Securities Co., said investors went after bargains to reclaim their positions before the Thanksgiving holiday.

"Investors who sold stock futures also bought back issues to reset their positions before the holiday," Miura was quoted as saying.

By the close of play, farm and fishery, land transportation, and food-linked issues comprised those that advanced the most, and rising issues beat falling ones by 1,451 to 580 on the First Section, while 81 ended the day unchanged.

On the main section on Thursday, 1,201.62 million shares changed hands, dropping from Wednesday's volume of 1,392.58 million shares.

The turnover on the fourth trading day of the week came to 2,081.0 billion yen (18.43 billion yen).

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