Tokyo stocks close higher on dip-buying, travel-linked shares gain-Xinhua

Tokyo stocks close higher on dip-buying, travel-linked shares gain

Source: Xinhua| 2022-05-23 19:24:31|Editor: huaxia

TOKYO, May 23 (Xinhua) -- Tokyo stocks closed higher Monday as investors sought out issues that had been battered down following the Nikkei's 2 percent slump in the previous session.

The 225-issue Nikkei Stock Average gained 262.49 points, or 0.98 percent, from Friday to close the day at 27,001.52.

The broader Topix index, meanwhile, added 17.20 points, or 0.92 percent, to finish at 1,894.57.

Local brokers said that dip-buying was pervasive from the get-go as investors looked to snap-up bargains following the market's hefty loss in the previous session.

They added that Japan's move to further ease its strict COVID-19-related border controls gave travel agents and entertainment operators a boost.

Japan's government spokesperson Chief Cabinet Secretary Hirokazu Matsuno said Friday that the Japanese government would double the cap on overseas arrivals to 20,000 people per day starting next month.

"Fresh inbound visitors to the country are expected to lift the domestic economy, as well as revitalize and energize movement," Masahiro Yamaguchi, head of investment research at SMBC Trust Bank, was quoted as saying.

By the close of play, insurance, marine transportation and retail issues comprised those that gained the most, while issues that rose outpaced those that fell by 1,430 to 352, with 55 ending the day unchanged.

Among travel agents and leisure companies finding favor, Tokyo Disney Resort operator Oriental Land climbed 2.0 percent, while Daiichikosho, operator of the "Big Echo" karaoke chain, also finished 2.0 percent higher.

Travel agency H.I.S., meanwhile, gained 0.9 percent by the close.

Among financial issues, Tokio Marine Holdings soared 7.6 percent, after the insurer reported solid earnings Friday for fiscal 2021 and announced a hefty share buyback plan.

On the Prime Market on Monday, 1,097.99 million shares changed hands, dropping from Friday's volume of 1,253.30 million shares.

The turnover on the first trading day of the week came to 2,671.43 billion yen (20.94 billion U.S. dollars).