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Tokyo stocks rise as US extends Huawei trade exemptions

A woman walks by an electronic stock board of a securities firm in Tokyo, on Aug. 20, 2019. (AP Photo/Koji Sasahara)

TOKYO (Kyodo) -- Tokyo stocks rose for the third consecutive session Tuesday as Washington's decision to extend exemptions on trade with Huawei Technologies Co. eased concerns about the prolonged U.S.-China trade war.

The 225-issue Nikkei Stock Average ended up 114.06 points, or 0.55 percent, from Monday at 20,677.22. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 12.44 points, or 0.83 percent, higher at 1,506.77.

Major gainers included real estate, metal product and electric appliance issues.

Shares remained firm throughout the day, supported also by an overnight decline of the yen against the U.S. dollar that benefited exporters, brokers said.

Reports that China and Germany are preparing economic stimulus measures continued to temper global recession fears, they said.

Some investors unloaded their holdings in the afternoon ahead of Japan-U.S. ministerial trade talks in Washington slated for two days starting Wednesday, Yutaka Miura, senior technical analyst at Mizuho Securities Co., said.

"With Fed Chairman Jerome Powell's speech also due later this week, a wait-and-see mood is prevailing in the market," Miura added.

On the First Section, advancing issues outnumbered decliners 1,729 to 347, while 73 ended unchanged.

Investors took a cue from Estee Lauder's upbeat earnings report and guidance to buy cosmetics issues, brokers said. Kao gained 218 yen, or 2.9 percent, to 7,767 yen, Fancl went up 71 yen, or 2.9 percent, to 2,539 yen, and Shiseido finished up 194 yen, or 2.5 percent, at 8,099 yen.

Technology issues with large exposure to the Chinese market gained, with Tokuyama up 48 yen, or 2.2 percent, at 2,225 yen and Taiyo Yuden ahead 33 yen, or 1.6 percent, at 2,119 yen. Fanuc rose 170 yen, or 0.9 percent, to 18,180 yen.

Trading volume remained low on the main section at 924.72 million shares, up slightly from Monday's 904.99 million shares.

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