Tokyo Stocks Rise in Morning on Wall Street`s Gains

Tokyo, Nov. 22 (Jiji Press)--Stocks advanced further on the Tokyo
Stock Exchange Monday morning, helped by Friday's gains on Wall Street and
stable exchange rates.
At the morning close, the 225-issue Nikkei average stood up 101.65
points, or 1.01 pct, at 10,124.04. On Friday, the key market gauge edged up
8.76 points to mark the third straight day of gains.
The TOPIX index of all first-section issues was 6.20 points, or
0.71 pct, higher at 875.72, after gaining 0.71 point the previous trading
day.
The Nikkei hit a five-month intraday high of 10,136.09 soon after
the opening, thanks to a rise in New York equities Friday, which drew
support from robust earnings from computer giant Dell Inc.
The dollar's stable movements above 83 yen on the exchange market
also encouraged buying of Tokyo stocks, brokers said.
But the Nikkei average failed to extend gains further, capped by
profit-taking following its recent rapid ascent. The index has gained nearly
9 pct on a closing basis so far this month.

Many investors in Tokyo refrained from active trading partly
because they wanted to see how overseas stock markets would react to news
that Ireland has asked the European Union and the International Monetary
Fund for assistance to bail the country out of its fiscal emergency.
"Tokyo equities may be able to overcome profit-taking pressure if
overseas markets rise strongly," said Yutaka Miura, senior technical analyst
at Mizuho Securities Co.
Key U.S. economic reports due out this week, including revised
gross domestic product data for July-September to be released Tuesday, are
also drawing attention from investors because "many remain unsure about the
strength of the U.S. recovery," Miura said.
Rising issues overwhelmed falling ones 1,196 to 293 on the TSE's
first section in the morning, while 158 issues were unchanged.
Half-day volume came to 729 million shares.

Many export-oriented issues attracted buying, including automakers
Toyota and Nissan and high-tech companies Sony and Elpida Memory.
Banking groups Mizuho and Resona advanced, as did brokerage giant
Nomura.
Drug maker M3 jumped 2.63 pct to renew its year-to-date high,
buoyed by a newspaper report Monday that the company has acquired a British
drug research company.
Culture Convenience Club, which operates video and music software
rental stores, surged 5.72 pct after announcing a plan Friday to set up a
joint company with Sharp to start an electronic book service.
Meanwhile, selling hit Japan Tobacco, automaker Mazda and paper
mills like Oji Paper.