Tokyo shares end higher as Nintendo soars on China report
TOKYO — Tokyo stocks closed higher Friday following healthy gains on Wall Street, with Nintendo jumping more than 14 percent on reports its games and popular Switch console will soon be available in China.
The benchmark Nikkei 225 index added 0.50 percent, or 110.44 points, to 22,200.56, while the broader Topix index climbed 0.12 percent, or 1.96 points, to 1,616.93.
Nintendo has held off in bringing the Switch to the world’s most populous country, a major source of revenue for other technology companies such as Apple https://t.co/mpKjmmX2QA
— The Wall Street Journal (@WSJ) April 19, 2019
The market stayed comfortably within positive territory throughout the day, initially lifted by strong gains in overseas markets.
But a lack of fresh clues and the closure of several major international markets for Easter prompted position adjustment and profit-taking in the afternoon session, said Okasan Online Securities in a commentary.
“After an initial round of buying subsided, (the Nikkei index) became trapped inside a narrow range around 21,200,” Okasan said.
Article continues after this advertisement“In the afternoon session, profit taking became more pronounced, as Hong Kong shares turned weaker while the dollar drifted within the 111 yen range.
Article continues after this advertisement“Only few investors were chasing the higher end of the market since major foreign markets are entering a break through Monday,” it said.
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Wall Street shares finished modestly higher Thursday following a batch of mostly solid corporate earnings and a successful market debut of technology company Pinterest.
The dollar stood at 111.91 yen in Asian trade, slightly slipping from 112.00 yen in New York overnight.
Tokyo investors are gradually preparing themselves for a special 10-day holiday from the end of the month for an upcoming imperial succession.
The Tokyo Stock Exchange will be closed from Saturday April 27 through Monday, May 6. Trading will resume from Tuesday, May 7.
Among major gainers on Friday, Nintendo jumped 14.12 percent to 39,200 yen following media reports that its popular Switch game console and game titles will become available in China via tech giant Tencent.
Sony rose 0.60 percent to 5,331 yen while Uniqlo operator Fast Retailing added 2.09 percent to 64,590.
