ID :
190795
Fri, 06/24/2011 - 08:25
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http://m.oananews.org//node/190795
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Tokyo Stocks Turn Higher in Morning
Tokyo, June 24 (Jiji Press)--Stocks ended a directionless session slightly higher on the Tokyo Stock Exchange Friday morning, helped by short covering in the absence of fresh domestic trading clues.
At the morning close, the 225-issue Nikkei average stood up 27.35 points, or 0.28 pct, at 9,624.09. On Thursday, the key market gauge fell 32.69 points.
The TOPIX index of all first-section issues was up 2.34 points, or 0.28 pct, at 827.85, after losing 3.48 points the previous day.
The Tokyo market opened higher after the Dow Jones industrial average erased much of its earlier losses stemming from a plunge in crude oil prices in overnight trading and the Nasdaq composite index overcame its early slump to finish higher.
"The market was supported by short covering, rather than new buy orders," said Nagayuki Yamagishi, investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co.
There are no clear factors pushing up the market, Toshiyuki Kanayama, market analyst at Monex Inc.'s Financial Intelligence Department, said.
The market grew top-heavy later due to growing concerns over the course of the global economy, brokers.
Investors retreated to the sidelines for lack of fresh trading pegs and ahead of the weekend, brokers said.
As there are no major positive factors, stocks are expected to face selling aimed at locking in profits in the afternoon, Mitsubishi UFJ Morgan Stanley's Yamagishi said.
Winners topped losers 856 to 566 on the TSE's first section in the morning, while 224 issues were unchanged.
Half-day volume came to 737 million shares.
High-tech makers Sony, Toshiba, Canon and Fanuc attracted buying. Semiconductor-related Elpida Memory, Advantest and Tokyo Electron also gained ground.
Megabanks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui drew buying.
Among automakers, Toyota and Honda held firm.
But Nissan retreated after announcing Thursday that it expects to log a group operating profit of 460 billion yen in the year to March 2012, down 14 pct from the previous year.
Telecom carries NTT DoCoMo, KDDI and Softbank came under selling.
Resource-relates issues lost ground after the key West Texas Intermediate crude oil futures contract hit a four-month low in New York trading on Thursday. Major losers included oil developers Inpex and Japan Petroleum Exploration, and trading houses Sumitomo and Mitsubishi.
At the morning close, the 225-issue Nikkei average stood up 27.35 points, or 0.28 pct, at 9,624.09. On Thursday, the key market gauge fell 32.69 points.
The TOPIX index of all first-section issues was up 2.34 points, or 0.28 pct, at 827.85, after losing 3.48 points the previous day.
The Tokyo market opened higher after the Dow Jones industrial average erased much of its earlier losses stemming from a plunge in crude oil prices in overnight trading and the Nasdaq composite index overcame its early slump to finish higher.
"The market was supported by short covering, rather than new buy orders," said Nagayuki Yamagishi, investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co.
There are no clear factors pushing up the market, Toshiyuki Kanayama, market analyst at Monex Inc.'s Financial Intelligence Department, said.
The market grew top-heavy later due to growing concerns over the course of the global economy, brokers.
Investors retreated to the sidelines for lack of fresh trading pegs and ahead of the weekend, brokers said.
As there are no major positive factors, stocks are expected to face selling aimed at locking in profits in the afternoon, Mitsubishi UFJ Morgan Stanley's Yamagishi said.
Winners topped losers 856 to 566 on the TSE's first section in the morning, while 224 issues were unchanged.
Half-day volume came to 737 million shares.
High-tech makers Sony, Toshiba, Canon and Fanuc attracted buying. Semiconductor-related Elpida Memory, Advantest and Tokyo Electron also gained ground.
Megabanks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui drew buying.
Among automakers, Toyota and Honda held firm.
But Nissan retreated after announcing Thursday that it expects to log a group operating profit of 460 billion yen in the year to March 2012, down 14 pct from the previous year.
Telecom carries NTT DoCoMo, KDDI and Softbank came under selling.
Resource-relates issues lost ground after the key West Texas Intermediate crude oil futures contract hit a four-month low in New York trading on Thursday. Major losers included oil developers Inpex and Japan Petroleum Exploration, and trading houses Sumitomo and Mitsubishi.
