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Tokyo stocks rebound on buybacks as TSE extends closing time

0 Comment(s)Print E-mail Xinhua, November 5, 2024
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TOKYO, Nov. 5 (Xinhua) -- Tokyo stocks ended higher Tuesday on buybacks of technology shares after heavy losses, while the Tokyo Stock Exchange (TSE) has extended its trading hours by 30 minutes starting Tuesday without any trouble on the first day.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 421.23 points, or 1.11 percent, from Friday at 38,474.90. Japanese financial markets were closed Monday for a national holiday.

The broader Topix index, meanwhile, finished 20.00 points, or 0.76 percent, higher at 2,664.26.

On the market, shares rebounded as investors bought battered technology stocks that had pushed the Nikkei benchmark down by over 1,000 points on Friday. But gains slowed later in the day with investors remaining cautious over the U.S. presidential election results, analysts said.

With the first extension of its closing time in 70 years, the Tokyo market will now operate from 9 a.m. local time to 3:30 p.m. local time with an hourlong lunch break, as part of its efforts to make the bourse more attractive to foreign investors, according to Japan Exchange Group Inc.

The TSE, which has nearly 4,000 listed companies, hopes the time extension will also prompt the companies to review their practice of announcing earnings and other important news after the market closes, and to release such information in a timelier manner to avoid a rush of releases at the same time. Enditem

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