Tokyo Stocks Rebound in Morning after Wall Street Rally

Tokyo, Nov. 25 (Jiji Press)--Stocks bounced back moderately on the
Tokyo Stock Exchange Thursday morning thanks to an overnight rally of U.S.
equities.
At the morning close, the 225-issue Nikkei average stood up 35.93
points, or 0.36 pct, at 10,066.04. On Wednesday, the key market gauge shed
85.08 points.
The TOPIX index of all first-section issues was up 3.74 points, or
0.43 pct, at 870.31, after losing 8.91 points the previous trading day.
The Nikkei average opened with a gain of some 90 points after the
New York stock market staged a powerful rebound on buybacks of issues that
were sold heavily on the previous day due to worries about heightened
tensions on the Korean Peninsula.
The dollar's stable movements above 83 yen on the exchange market
also encouraged buying of many export-oriented issues and contributed to the
key market gauge's rally.
But the Nikkei's rebound was small, compared with the Dow Jones
industrial average's 1.37 pct jump overnight, as Tokyo stocks had already
factored in Seoul stocks' calm reaction Wednesday to North Korea's deadly
attack on a South Korean island, brokers said.

Many investors in Tokyo retreated to the sidelines before the U.S.
market is closed on Thursday for the Thanksgiving Day holiday and before
Black Friday, which effectively marks the start of the Christmas shopping
season in the United States.
"Trading is mostly done for the week," said Kenichi Hirano,
operating officer at Tachibana Securities Co.
"Transactions are expected to remain slow and the Nikkei will
likely hover near 10,000 for the rest of the week, as long as there are no
major developments on the Korean Peninsula and in Europe's credit problems,"
Hirano said.
Winners outpaced losers 1,071 to 415 on the TSE's first section in
the morning, while 169 issues were unchanged.
Half-day volume came to 964 million shares.

Among export-oriented issues, high-tech makers Sony, Tokyo Electron
and Hitachi posted gains, together with automakers Toyota, Nissan and Honda.
Real estate developer Mitsubishi Estate attracted buying as
investors cheered the company's announcement Wednesday to enter the
condominium business in Vietnam.
Also higher were materials issues like Nippon Sheet Glass and
Nippon Steel and general contractors such as Taisei.
Meanwhile, selling hit megabanks Mizuho, Mitsubishi UFJ and
Sumitomo Mitsui.
Electronics maker Fujitsu fell to a new year-to-date low, pressured
by an investment rating downgrade by JP Morgan & Chase Co.