Tokyo Stocks End Higher On Potential Diplomatic Progress In West Asia

TOKYO, March 24 (Bernama-Xinhua) -- Tokyo stocks rose on Tuesday as reports of potential diplomatic progress in West Asia triggered a sharp pullback in oil prices, though gains were pared by fears that the conflict in the region could drag on, reported Xinhua.

The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended up 736.79 points, or 1.43 per cent, from Monday at 52,252.28.

The broader Topix index finished 73.23 points, or 2.10 per cent, higher at 3,559.67.

On the top-tier Prime Market, insurance, oil and coal products, and nonferrous metal issues led the gains.

Market sentiment improved after United States (US) President Donald Trump said on social media that the US and Iran had engaged in "very good and productive conversations," and that he had ordered the Pentagon to postpone all military strikes against Iranian power plants and energy infrastructure for five days.

As the benchmark West Texas Intermediate crude oil futures fell below US$90 per barrel overnight on the news, the Nikkei stock index opened sharply higher, briefly rising over 1,100 points in early trading.

However, uncertainty lingered as Iran denied having held talks with the US, unsettling investors, analysts said.

-- BERNAMA-XINHUA