Tokyo stocks open flat

Tokyo stocks open flat
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Tokyo: Tokyo stocks opened flat on Tuesday in a tug of war between easing worries about a US-China trade dispute and selling to lock in profits from recent gains.

The benchmark Nikkei 225 index inched up 0.11 percent or 24.56 points to 23,026.93 in early trade while the broader Topix index was down 0.08 percent or 1.53 points at 1,812.22.

“Pressure to sell on rallies is strong as the market had risen on easing worries about US-China negotiations and rises in US stocks,” Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

Global stock markets got a bounce Monday after the US and China effectively called a truce in what had been a spiraling trade dispute, relieving investors.

The dollar was trading at 110.93 yen against 111.03 yen in New York Monday afternoon.

Sony was down 1.31 percent at 5,317 yen after it announced its medium-term business plans as well as a $1.9-billion deal to acquire EMI Music Publishing.

Nintendo was down 1.01 percent at 44,050 yen, while Toyota was up 0.13 percent at 7,572 yen.

AFP