ID :
189687
Mon, 06/20/2011 - 07:49
Auther :
Shortlink :
https://oananews.org//node/189687
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Tokyo Stocks Turn Higher in Morning
Tokyo (Jiji Press) - Stocks rebounded after two straight days of falls on the Tokyo Stock Exchange Monday morning, but their upside was limited as investors were cautious about stepping up purchases.
At the morning close, the 225-issue Nikkei average stood up 55.44 points, or 0.59 pct, at 9,406.84. On Friday, the key market gauge fell 59.88 points.
The TOPIX index of all first-section issues was up 5.85 points, or 0.73 pct, at 811.19, after losing 7.07 points on Friday.
The market opened higher after the Dow Jones industrial average closed above the 12,000 line on Friday.
Tokyo stocks apparently attracted buybacks following their setbacks late last week, Masayuki Otani, chief market analyst at Securities Japan Inc., said.
But due to a lack of additional positive incentives, the market failed to gain further ground, brokers said.
The market seems to be supported by buying from investors who believe that Tokyo stocks are undervalued compared to overseas equities, brokers said.
A wait-and-see mood is growing in the market ahead of the U.S. Federal Reserve's closely watched two-day monetary policy meeting from Tuesday.
With investors attention focused on the European debt crisis, Tokyo stocks are susceptible to the yen's exchange rate movements, brokers said.
"Once the dollar slips below 80 yen, the Tokyo market is likely to face selling," Otani said.
Meanwhile, the market was little affected by Japan's customs-cleared trade statistics for May, released just before the opening bell. According to the Ministry of Finance, the country suffered a trade deficit of 853.7 billion yen in the month, worse than a median forecast of a 710-billion-yen deficit among economic research instituted polled by Jiji Press.
Winners topped losers 1,222 to 300 on the TSE's first section in the morning, while 131 issues were unchanged.
Half-day volume came to 793 million shares.
Megabanks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui gained ground.
Tokyo Electric and other power utilities, including Chubu Electric, drew purchases.
Telecom carries NTT DoCoMo and KDDI were solid.
Textile makers Teijin and Toray Industries attracted buying, following a weekend news report that three Japanese heavy machinery makers, including IHI, will adopt carbon fiber materials for aircraft engines being jointly developed for Airbus.
The high-tech sector was mixed. Kyocera and Fanuc climbed, while Sony, Hitachi and Sharp faced selling.
On the minus side were automakers Nissan and Honda.
At the morning close, the 225-issue Nikkei average stood up 55.44 points, or 0.59 pct, at 9,406.84. On Friday, the key market gauge fell 59.88 points.
The TOPIX index of all first-section issues was up 5.85 points, or 0.73 pct, at 811.19, after losing 7.07 points on Friday.
The market opened higher after the Dow Jones industrial average closed above the 12,000 line on Friday.
Tokyo stocks apparently attracted buybacks following their setbacks late last week, Masayuki Otani, chief market analyst at Securities Japan Inc., said.
But due to a lack of additional positive incentives, the market failed to gain further ground, brokers said.
The market seems to be supported by buying from investors who believe that Tokyo stocks are undervalued compared to overseas equities, brokers said.
A wait-and-see mood is growing in the market ahead of the U.S. Federal Reserve's closely watched two-day monetary policy meeting from Tuesday.
With investors attention focused on the European debt crisis, Tokyo stocks are susceptible to the yen's exchange rate movements, brokers said.
"Once the dollar slips below 80 yen, the Tokyo market is likely to face selling," Otani said.
Meanwhile, the market was little affected by Japan's customs-cleared trade statistics for May, released just before the opening bell. According to the Ministry of Finance, the country suffered a trade deficit of 853.7 billion yen in the month, worse than a median forecast of a 710-billion-yen deficit among economic research instituted polled by Jiji Press.
Winners topped losers 1,222 to 300 on the TSE's first section in the morning, while 131 issues were unchanged.
Half-day volume came to 793 million shares.
Megabanks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui gained ground.
Tokyo Electric and other power utilities, including Chubu Electric, drew purchases.
Telecom carries NTT DoCoMo and KDDI were solid.
Textile makers Teijin and Toray Industries attracted buying, following a weekend news report that three Japanese heavy machinery makers, including IHI, will adopt carbon fiber materials for aircraft engines being jointly developed for Airbus.
The high-tech sector was mixed. Kyocera and Fanuc climbed, while Sony, Hitachi and Sharp faced selling.
On the minus side were automakers Nissan and Honda.
