Tokyo stocks led Asian markets higher on Monday

Tokyo stocks led Asian markets higher on Monday, shrugging off disappointing business confidence data to climb slightly higher in thin holiday trade.

With no direction from Europe or Wall Street — both closed for Easter holidays at the end of last week — Japan’s benchmark Nikkei 225 index opened in slightly negative territory but soon moved into the green, reports BSS.

The Nikkei 225 Index added 0.23 percent or 50.41 points to 21,504.71 in early trade, slightly outperforming the broader Topix index, which was up 0.17 percent or 2.92 points at 1,719.22.

Volumes in Asia trade were light, however, with financial markets in Australia, New Zealand and Hong Kong all closed for public holidays. In China, Shanghai stocks opened flat as the yuan strengthened and investors digested new tariffs on US imports.

The government in Beijing imposed new tariffs on 128 US imports worth $3 billion, including fruits and pork, in retaliation for US duties on steel and aluminum, fanning fears of a trade war. The benchmark Shanghai Composite Index inched up 0.03 percent, or 0.88 points, to 3,169.78.

Meanwhile, the Shenzhen Composite Index, which tracks stocks on China’s second exchange, climbed 0.25 percent, or 4.71 points, to 1,858.43. In Seoul, the Kospi index also nudged slightly higher, gaining 0.56 percent to stand at 2,459.54 in mid-morning trade.

Japanese traders shrugged off a dip in the closely watched Tankan business confidence report, which showed a print of 24 in March, compared to 26 in the December report. However, analysts said the fall was due mainly to a stronger yen and they did not expect the trend to continue.

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
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