ID :
151259
Fri, 11/26/2010 - 11:53
Auther :
Shortlink :
http://m.oananews.org//node/151259
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Tokyo Stocks Edge Up in Morning on Weaker Yen
Tokyo, Nov. 26 (Jiji Press)--Stocks finished the morning session slightly higher on the Tokyo Stock Exchange Friday morning, drawing support from the yen's moderate weakening on the exchange market.
At the morning close, the 225-issue Nikkei average stood up 9.02 points, or 0.09 pct, at 10,088.78. On Thursday, the key market gauge gained 49.65 points.
The TOPIX index of all first-section issues was up 0.71 points, or 0.08 pct, at 870.52, after rising 3.24 points the previous trading day.
The Nikkei average moved in positive territory for most of the morning session, as concern over corporate earnings receded after the yen edged down both against the dollar and the euro.
The closely watched market yardstick was also supported by stock index futures buying linked to selling of Japanese government bond futures.
But buying momentum for Tokyo stocks was weak, as most overseas players, including hedge funds, are away from the market for Thanksgiving holidays, brokers said.
"The Tokyo market's upside was capped by selling by investors who moved to take short-term profits before the New York market reopens on Friday," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
Profit-taking picked up as many investors now see the need for adjustment in the pace of the Tokyo market's ascent after the Nikkei average soared over 9 pct this month, causing the key market gauge to repeatedly dip into the minus column in the morning session, brokers said.
"The Nikkei is yet to consolidate above 10,000 as the external environment remains uncertain," Miura said.
It could fall back below 10,000 depending on key U.S. economic reports due out next week and the developments of Europe's credit problems, he said.
Rising issues outnumbered falling ones 776 to 680 on the TSE's first section in the morning, while 181 issues were unchanged.
Half-day volume came to 841 million shares.
Electronics makers Sony and Fujitsu advanced, together with
automakers Toyota and Nissan.
Minivehicle maker Daihatsu rose to a new year-to-date high.
Telecom carriers Softbank and KDDI also advanced.
By contrast, many financial issues suffered losses, including
megabanks Sumitomo Mitsui and Resona, brokerage houses Nomura and Daiwa, and nonbank lenders Acom and Promise.
Machinery maker Komatsu retreated after a three-day rise.
Selling also hit real estate developers Mitsui Fudosan and
Mitsubishi Estate.
At the morning close, the 225-issue Nikkei average stood up 9.02 points, or 0.09 pct, at 10,088.78. On Thursday, the key market gauge gained 49.65 points.
The TOPIX index of all first-section issues was up 0.71 points, or 0.08 pct, at 870.52, after rising 3.24 points the previous trading day.
The Nikkei average moved in positive territory for most of the morning session, as concern over corporate earnings receded after the yen edged down both against the dollar and the euro.
The closely watched market yardstick was also supported by stock index futures buying linked to selling of Japanese government bond futures.
But buying momentum for Tokyo stocks was weak, as most overseas players, including hedge funds, are away from the market for Thanksgiving holidays, brokers said.
"The Tokyo market's upside was capped by selling by investors who moved to take short-term profits before the New York market reopens on Friday," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
Profit-taking picked up as many investors now see the need for adjustment in the pace of the Tokyo market's ascent after the Nikkei average soared over 9 pct this month, causing the key market gauge to repeatedly dip into the minus column in the morning session, brokers said.
"The Nikkei is yet to consolidate above 10,000 as the external environment remains uncertain," Miura said.
It could fall back below 10,000 depending on key U.S. economic reports due out next week and the developments of Europe's credit problems, he said.
Rising issues outnumbered falling ones 776 to 680 on the TSE's first section in the morning, while 181 issues were unchanged.
Half-day volume came to 841 million shares.
Electronics makers Sony and Fujitsu advanced, together with
automakers Toyota and Nissan.
Minivehicle maker Daihatsu rose to a new year-to-date high.
Telecom carriers Softbank and KDDI also advanced.
By contrast, many financial issues suffered losses, including
megabanks Sumitomo Mitsui and Resona, brokerage houses Nomura and Daiwa, and nonbank lenders Acom and Promise.
Machinery maker Komatsu retreated after a three-day rise.
Selling also hit real estate developers Mitsui Fudosan and
Mitsubishi Estate.
