ID :
182820
Wed, 05/18/2011 - 07:52
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Shortlink :
http://m.oananews.org//node/182820
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Tokyo Stocks Rise in Morning on Weaker Yen
Tokyo, May 18 (Jiji Press)--Stocks advanced on the Tokyo Stock Exchange Wednesday morning on short covering prompted by a weaker yen.
At the morning close, the 225-issue Nikkei average stood up 84.10 points, or 0.88 pct, at 9,651.12. On Tuesday, the key market gauge rose 8.72 points to snap its three-day fall.
The TOPIX index of all first-section issues up 6.52 points, or 0.79 pct, at 835.37, after edging down 0.70 point the previous day.
Some export-oriented technology issues posted gains thanks to the yen's continued weakness against the dollar and the euro, while megabanks also attracted buying on news about Mizuho Financial Group's plan to merge its banking units.
The Nikkei average's resilience displayed Tuesday at levels just above the 9,500 line also led to a wave of buybacks, brokers said.
But the Tokyo market's upside was heavy, reflecting slow activity of overseas investors following overnight falls of U.S. and European stock prices.
"Investors remain cautious about stepping up buying as chances are high that the New York market will enter a short-term correction in terms of technical charts and also due to lackluster economic data," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
"Once the Nikkei breaks below the 9,500 barrier, it could easily head down toward 9,000," Miura warned.
The market reacted little to Tuesday's announcement of Tokyo Electric Power's revised plan to bring the crisis at its tsunami-crippled nuclear power plant under control, showing that investors are more focused on up-to-date information about the state of the plant, analysts said.
Winners outnumbered losers 1,238 to 275 on the TSE's first section in the morning, while 138 issues were unchanged.
Half-day volume came to 852 million shares.
In the technology sector, semiconductor-related Tokyo Electron and Advantest advanced, together with electronics parts makers Kyocera and TDK.
Among banking issues, Mizuho jumped 3.15 pct, while its peers like Mitsubishi UFJ and Sumitomo Mitsui also posted strong gains.
Telecommunications carriers KDDI and Softbank drew buying.
Meanwhile, automakers Toyota, Honda and Nissan declined, as did electronics giant Sony and construction machinery maker Komatsu.
At the morning close, the 225-issue Nikkei average stood up 84.10 points, or 0.88 pct, at 9,651.12. On Tuesday, the key market gauge rose 8.72 points to snap its three-day fall.
The TOPIX index of all first-section issues up 6.52 points, or 0.79 pct, at 835.37, after edging down 0.70 point the previous day.
Some export-oriented technology issues posted gains thanks to the yen's continued weakness against the dollar and the euro, while megabanks also attracted buying on news about Mizuho Financial Group's plan to merge its banking units.
The Nikkei average's resilience displayed Tuesday at levels just above the 9,500 line also led to a wave of buybacks, brokers said.
But the Tokyo market's upside was heavy, reflecting slow activity of overseas investors following overnight falls of U.S. and European stock prices.
"Investors remain cautious about stepping up buying as chances are high that the New York market will enter a short-term correction in terms of technical charts and also due to lackluster economic data," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
"Once the Nikkei breaks below the 9,500 barrier, it could easily head down toward 9,000," Miura warned.
The market reacted little to Tuesday's announcement of Tokyo Electric Power's revised plan to bring the crisis at its tsunami-crippled nuclear power plant under control, showing that investors are more focused on up-to-date information about the state of the plant, analysts said.
Winners outnumbered losers 1,238 to 275 on the TSE's first section in the morning, while 138 issues were unchanged.
Half-day volume came to 852 million shares.
In the technology sector, semiconductor-related Tokyo Electron and Advantest advanced, together with electronics parts makers Kyocera and TDK.
Among banking issues, Mizuho jumped 3.15 pct, while its peers like Mitsubishi UFJ and Sumitomo Mitsui also posted strong gains.
Telecommunications carriers KDDI and Softbank drew buying.
Meanwhile, automakers Toyota, Honda and Nissan declined, as did electronics giant Sony and construction machinery maker Komatsu.
