Japanese stocks nudge higher amid cautious optimism about trade talks

Nippon Light Metal Holdings

22/11/2019 02:32

By Stanley White
    TOKYO, Nov 22 (Reuters) - Japanese shares edged higher on
Friday as cautious optimism about the prospect of the United
States and China reaching a trade agreement lifted investor risk
appetite.
    At 0150 GMT the Nikkei index rose 0.61 % to 23,178.77 as
exporters in the IT sector and the industrial equipment sector
paced gains.
    China is pushing to reach a preliminary trade agreement with
the United States as both sides keep communication channels
open, the Chinese commerce ministry said on Thursday, in an
attempt to allay fears talks might be unravelling.  urn:newsml:reuters.com:*:nL3N2811ZV
    China has invited top U.S. trade negotiators for a new round
of face-to-face talks in Beijing, the Wall Street Journal
reported on Thursday, on hopes the talks can take place before
next Thursday's Thanksgiving holiday in the United States.
    Completion of a phase one deal could slide into next year,
trade experts and people close to the White House told Reuters
previously, as Beijing presses for more extensive rollback of
U.S. tariffs that have weakened its exports and slowed its
economy.  urn:newsml:reuters.com:*:nL2N2800YS
    For the week, the Nikkei was on course for a 0.77% decline,
its biggest since Oct. 4, highlighting concern about U.S.-China
relations in the long term.
    There were 173 advancers on the Nikkei index against 41
decliners on Friday.
    The largest percentage gainers in the index were Internet
services company Z Holdings Corp  4689.T  up 3.95%, followed by
materials manufacturer Asahi Kasei Corp  3407.T  gaining 2.95%
and Kobe Steel Ltd  5406.T  up by 2.36%.
    Formerly known as Yahoo Japan, Z Holdings got a boost
because it will merge with messaging app operator Line Corp
 3938.T . Shares in Line were unchanged on Friday.
    The largest percentage losses in the index were online
commerce company Rakuten Inc  4755.T  down 1.86%, followed by
Nippon Light Metal Holdings Co Ltd  5703.T  losing 1.76%, and 
Suzuki Motor Corp  7269.T  down by 1.4%.
    The Topix index  .TOPX  rose 0.53% to 1,698.25, on course
for a 0.1% weekly gain.
    The volume of shares traded on the Tokyo Stock Exchange's
main board  .TOPX  was 0.47 billion, compared to the average of
1.27 billion in the past 30 days.

 (Editing by Sam Holmes)
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