ID :
11875
Tue, 07/08/2008 - 14:57
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Shortlink :
https://oananews.org//node/11875
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Tokyo stocks rise, Nikkei snaps 12-day losing streak
TOKYO, July 8 (Kyodo) - Tokyo stocks reversed earlier losses to close higher Monday, with the key Nikkei index snapping its 12-day losing streak, as investor sentiment was lifted by rises in Asian equities and a stronger U.S. dollar versus the yen.
The market was also supported by hopes that Group of Eight leaders may come up with ways to alleviate inflationary pressures on the world economy at their ongoing summit meeting through Wednesday, brokers said.
The 225-issue Nikkei Stock Average gained 122.15 points, or 0.92 percent, from Friday to 13,360.04. The Nikkei on Friday dropped to 13,237.89, logging its longest losing streak since late April 1954 when it fell for 15 consecutive trading days amid economic uncertainty following the Korean War.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.92 points, or 1.15 percent, to 1,312.80.
The market gained almost across the board. Among gainers were real estate and banking issues. Decliners included pulp and paper, air transport and trading house issues.
Yutaka Miura, a senior technical analyst of the equity information department at Shinko Securities Co., said, ''The Tokyo market simply staged a rebound after a 12-day losing streak, taking its cue from a rebound in Shanghai and other major Asian markets.''Miura said the Tokyo market was also buoyed by the dollar's appreciation from the 106 yen level Friday during Tokyo market trading hours to the 107 yen level Monday.
But he added it is still premature to say whether the rise in the afternoon would be a long-term trend as global inflation fears persist and Japan's economic outlook, which he termed as dismal, remains unchanged.
According to Hiroichi Nishi, equities chief at Nikko Cordial Securities Inc., ''The soaring oil prices are weighing on not only Tokyo but other major stock markets in the world, fanning concerns over global inflation and a slowdown in economic growth at home and abroad.''The benchmark crude oil futures price in New York hit a closing high of $145.29 a barrel Thursday. The U.S. market was closed Friday for the U.S. Independence Day holiday.
With this in mind, brokers said market participants are waiting to see if the G-8 could come up with measures specifically to address and halt the record oil prices and fend off inflationary pressures.
On the First Section, advancing issues outnumbered declining ones 1,072 to 540, with 112 others remaining unchanged.
Thanks to buybacks, recent decliners such as the banking sector turned in a strong performance. Among them, value leader Mizuho Financial Group gained 29,000 yen, or 6 percent, to 512,000 yen.
Export-oriented issues got a lift from the dollar's appreciation as a stronger dollar boosts the value of Japanese exporters' overseas earnings when they are repatriated.
Canon jumped 80 yen, or 1.53 percent, to 5,320 yen, while Toyota Motor reversed its losses from the morning session to end the day in positive territory, rising 70 yen, or over 1 percent, to 4,990 yen.
Bucking the upward trend was Magara Construction, which fell by its daily limit of 30 yen, after the midsized general contractor said Saturday it has filed for corporate rehabilitation proceedings with the Osaka District Court.
Trading volume on the main section came to 1,765.72 million shares, down from Friday's 1,828.40 million.
Volume leader Urban, a condominium developer and sales agent, gained 28 yen, or nearly 15 percent, to 217 yen.
The TSE's Second Section index was up 10.51 points, or 0.37 percent, to 2,816.79 on a volume of 29.74 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract was up 90 points to 13,370.
The market was also supported by hopes that Group of Eight leaders may come up with ways to alleviate inflationary pressures on the world economy at their ongoing summit meeting through Wednesday, brokers said.
The 225-issue Nikkei Stock Average gained 122.15 points, or 0.92 percent, from Friday to 13,360.04. The Nikkei on Friday dropped to 13,237.89, logging its longest losing streak since late April 1954 when it fell for 15 consecutive trading days amid economic uncertainty following the Korean War.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.92 points, or 1.15 percent, to 1,312.80.
The market gained almost across the board. Among gainers were real estate and banking issues. Decliners included pulp and paper, air transport and trading house issues.
Yutaka Miura, a senior technical analyst of the equity information department at Shinko Securities Co., said, ''The Tokyo market simply staged a rebound after a 12-day losing streak, taking its cue from a rebound in Shanghai and other major Asian markets.''Miura said the Tokyo market was also buoyed by the dollar's appreciation from the 106 yen level Friday during Tokyo market trading hours to the 107 yen level Monday.
But he added it is still premature to say whether the rise in the afternoon would be a long-term trend as global inflation fears persist and Japan's economic outlook, which he termed as dismal, remains unchanged.
According to Hiroichi Nishi, equities chief at Nikko Cordial Securities Inc., ''The soaring oil prices are weighing on not only Tokyo but other major stock markets in the world, fanning concerns over global inflation and a slowdown in economic growth at home and abroad.''The benchmark crude oil futures price in New York hit a closing high of $145.29 a barrel Thursday. The U.S. market was closed Friday for the U.S. Independence Day holiday.
With this in mind, brokers said market participants are waiting to see if the G-8 could come up with measures specifically to address and halt the record oil prices and fend off inflationary pressures.
On the First Section, advancing issues outnumbered declining ones 1,072 to 540, with 112 others remaining unchanged.
Thanks to buybacks, recent decliners such as the banking sector turned in a strong performance. Among them, value leader Mizuho Financial Group gained 29,000 yen, or 6 percent, to 512,000 yen.
Export-oriented issues got a lift from the dollar's appreciation as a stronger dollar boosts the value of Japanese exporters' overseas earnings when they are repatriated.
Canon jumped 80 yen, or 1.53 percent, to 5,320 yen, while Toyota Motor reversed its losses from the morning session to end the day in positive territory, rising 70 yen, or over 1 percent, to 4,990 yen.
Bucking the upward trend was Magara Construction, which fell by its daily limit of 30 yen, after the midsized general contractor said Saturday it has filed for corporate rehabilitation proceedings with the Osaka District Court.
Trading volume on the main section came to 1,765.72 million shares, down from Friday's 1,828.40 million.
Volume leader Urban, a condominium developer and sales agent, gained 28 yen, or nearly 15 percent, to 217 yen.
The TSE's Second Section index was up 10.51 points, or 0.37 percent, to 2,816.79 on a volume of 29.74 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract was up 90 points to 13,370.
