Tokyo stocks close up 0.83pc

August 19, 2014 - 10:00:56 am

TOKYO: Tokyo stocks rose 0.83 percent Tuesday, notching up a seventh day of gains, with the market getting a lift from a weaker yen and after Wall Street rebounded on easing concerns over the crisis in Ukraine.

The benchmark Nikkei 225 index added 127.19 points to close at 15,449.79, while the Topix index of all first-section shares gained 0.71 percent, or 9.03 points, to 1,280.29.

Shares in Skymark Airlines surged on a report that said Malaysia's AirAsia may buy the struggling Japanese carrier, but both firms dismissed the story in the leading Nikkei business daily.

Skymark's Tokyo-listed shares skyrocketed 27.77 percent to finish at 230.0 yen, despite AirAsia chief executive Tony Fernandes saying that he had "never seen such rubbish".

"AirAsia has no interest in Skymark in Japan," Fernandes wrote on Twitter.

"There have been no discussions with Skymark," he added.

Earlier, money-losing Skymark -- which was left reeling last month after Airbus cancelled a $2.2 billion jet order with the airline -- also questioned the report.

"We're not aware that there is any truth in what has been reported," it said in a statement.

A weakening yen, which boosts the profitability of Japanese exporters, helped lift the overall market in the absence of other major trading cues, dealers said.

"There's still quite a dearth of trading cues to power the broader market, but with a stronger dollar, investors are reflexively less likely to sell," said Investrust chief executive Hiroyuki Fukunaga.

Sumitomo Mitsui Financial Group shares rose 1.00 percent to 4,126.0 yen after the lender said it has bought a 12.25 percent stake in Cambodia's Acleda Bank for about 10 billion yen ($97 million)

Sony shares climbed 1.94 percent to 1,913.5 yen, Toyota inched up 0.16 percent to 5,985.0 yen, while Uniqlo clothing chain operator Fast Retailing rose 0.47 percent to 32,850.0 yen.

In currency markets, the dollar bought 102.61 yen, up from 102.57 yen in New York and 102.32 yen in Tokyo earlier Monday.

US stocks rebounded Monday from last week's Ukraine-linked setback as fears of a clash with Russia ebbed.

The Dow Jones Industrial Average finished up 1.06 percent at 16,838.74 while the broad-based S&P 500 added 0.85 percent to finish at 1,971.74.

The tech-rich Nasdaq Composite gained 0.97 percent to 4,508.31, its highest level since March 31, 2000, when the market was beginning a nearly 4,000 point crash as the tech bubble burst. (AFP)