ID :
158876
Fri, 02/04/2011 - 07:05
Auther :
Shortlink :
http://m.oananews.org//node/158876
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Tokyo Stocks Gain Ground in Morning
Tokyo (Jiji Press)- Stocks rose sharply on the Tokyo Stock Exchange Friday morning, chiefly supported by an overnight gain in U.S. shares.
At the morning close, the 225-issue Nikkei average was up 118.66 points, or 1.14 pct, at 10,550.02. On Thursday, the key market gauge fell 26.00 points.
The TOPIX index of all first-section issues was up 9.25 points, or 1.00 pct, at 936.82, after losing 2.07 points the previous day.
Japanese shares attracted buying after the U.S. market showed solid performance due mainly to a better-than-expected reading of the U.S. Institute for Supply Management's nonmanufacturing index for January, brokers said.
The market was also supported by the announcement Thursday of a merger plan by two major Japanese steelmakers Nippon Steel and Sumitomo Metal Industries to create the world's second-largest player in 2012, brokers said.
"Steelmakers drew massive buying," said Kenichi Hirano, operating officer of Tachibana Securities Co., adding that "the news improved market mood overall."
Another bullish factor was the dollar's stability against the yen, said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
Rising shares included electronics companies, such as Sony and Hitachi, which advanced thanks to favorable earnings reports, Hirano said.
But investors remained cautious about stepping up buying due to concern about the unrest in Egypt and ahead of U.S. jobs data for January due out later in the day, brokers said.
If the U.S. jobs report proves to be strong, the market is expected to chase higher ground, brokers said.
Miura added that the market is likely to enter a position-adjustment phase for now.
Winners topped losers 1,144 to 352 on the TSE's first section in the morning, while 164 issues were unchanged.
Half-day volume came to 1,375 million shares.
Japan's top steelmaker Nippon Steel surged 9.06 pct and third ranked Sumitomo Metal jumped 16.06 pct. Rivals such as Kobe Steel and JFE were also upbeat.
High-tech makers Toshiba, Pioneer and Kyocera attracted buying in addition to Sony and Hitachi, as did chip-related companies Elpida Memory, Advantest and Tokyo Electron.
Megabanks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui rose.
Other winners included automakers Toyota and Nissan.
By contrast, machinery maker Komatsu fell.
Oil-related issues Inpex and Idemitsu Kosan lost ground.
Also on the minus side was trading house Mitsubishi.
At the morning close, the 225-issue Nikkei average was up 118.66 points, or 1.14 pct, at 10,550.02. On Thursday, the key market gauge fell 26.00 points.
The TOPIX index of all first-section issues was up 9.25 points, or 1.00 pct, at 936.82, after losing 2.07 points the previous day.
Japanese shares attracted buying after the U.S. market showed solid performance due mainly to a better-than-expected reading of the U.S. Institute for Supply Management's nonmanufacturing index for January, brokers said.
The market was also supported by the announcement Thursday of a merger plan by two major Japanese steelmakers Nippon Steel and Sumitomo Metal Industries to create the world's second-largest player in 2012, brokers said.
"Steelmakers drew massive buying," said Kenichi Hirano, operating officer of Tachibana Securities Co., adding that "the news improved market mood overall."
Another bullish factor was the dollar's stability against the yen, said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
Rising shares included electronics companies, such as Sony and Hitachi, which advanced thanks to favorable earnings reports, Hirano said.
But investors remained cautious about stepping up buying due to concern about the unrest in Egypt and ahead of U.S. jobs data for January due out later in the day, brokers said.
If the U.S. jobs report proves to be strong, the market is expected to chase higher ground, brokers said.
Miura added that the market is likely to enter a position-adjustment phase for now.
Winners topped losers 1,144 to 352 on the TSE's first section in the morning, while 164 issues were unchanged.
Half-day volume came to 1,375 million shares.
Japan's top steelmaker Nippon Steel surged 9.06 pct and third ranked Sumitomo Metal jumped 16.06 pct. Rivals such as Kobe Steel and JFE were also upbeat.
High-tech makers Toshiba, Pioneer and Kyocera attracted buying in addition to Sony and Hitachi, as did chip-related companies Elpida Memory, Advantest and Tokyo Electron.
Megabanks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui rose.
Other winners included automakers Toyota and Nissan.
By contrast, machinery maker Komatsu fell.
Oil-related issues Inpex and Idemitsu Kosan lost ground.
Also on the minus side was trading house Mitsubishi.
