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Tuesday, October 3, 2023

Tokyo stocks open lower with eyes on Trump-Biden debate

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Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street as investors awaited the first US presidential debate for fresh trading cues.

The benchmark Nikkei 225 index was down 0.34 percent or 79.06 points at 23,460.04 in early trade, while the broader Topix index slipped 0.51 percent or 8.49 points at 1,649.61.

“Japanese shares today are seen moving, with investors’ eyes on the US presidential debate,” Okasan Online Securities said in a note.

The overall mood in the Japanese market is positive, partly due to expectations for reforms under new Prime Minister Yoshihide Suga, a day after telecom operator NTT announced a takeover of its mobile phone unit, it added.

NTT is proposing a price of 3,900 yen ($37) per remaining share — a 40 percent premium on Monday’s closing price — to buy out the whole of its subsidiary NTT Docomo, it said on Tuesday after the market close.

“With a 40 percent premium set… it’s almost certain that the takeover will be successful,” Masayuki Kubota, chief strategist at Rakuten Securities, said in a commentary.

NTT was down 2.77 percent at 2,168.5 on concerns the deal could have negative impact on NTT’s financial conditions.

NTT Docomo climbed 21.07 percent to 3,890 yen, near the TOB price of 3,900 yen.

Docomo’s smaller rival and wireless newcomer Rakuten was up 1.06 percent at 1.134 yen.

Among other major shares, Toyota was down 0.75 percent at 7,060 yen, Uniqlo casual wear operator Fast Retailing was down 0.41 percent at 65,830 yen, and Sony was down 0.67 percent at 8,145 yen.

The dollar fetched 105.61 yen in early Asian trade, against 105.68 yen in New York late Tuesday.

On Wall Street, the Dow ended down 0.5 percent at 27,452.66.



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