Tokyo Stocks Rebound as Crude Oil Market Falls

Tokyo, March 24 (Jiji Press)–Tokyo stocks rebounded on Tuesday, after two consecutive sessions of heavy losses, as the international crude oil market fell amid eased concerns about the situation in the Middle East. The Nikkei 225 stock average closed at 52,252.28, up 736.79 points, or 1.43 pct, from Monday. The broader TOPIX index finished at 3,559.67, up 73.23 points, or 2.10 pct. The Nikkei average climbed over 1,100 points soon after the opening bell, as investor sentiment improved after U.S. President Donald Trump wrote on social media overnight that he had ordered a five-day postponement of strikes on Iranian power plants following productive talks with Tehran, leading to a pullback in crude oil prices. “Market participants moved to buy in light of the recent stock market drops,” said an official of a major brokerage firm. The Nikkei lost more than 3,700 points over the previous two trading days. Still, the stock market grew top-heavy after the initial buying ran its course. In the afternoon, investor sentiment was weighed down by a Wall Street Journal report that Saudi Arabia and the United Arab Emirates are edging toward joining the fight against Iran. “The conflict won’t be resolved easily,” an official of the bank-affiliated securities firm said. END [Copyright The Jiji Press, Ltd.]