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Stocks Morning UPDATE1
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, March 12 -- (Kyodo) _ (EDS: ADDING DETAILS, PRICES)
Tokyo stocks advanced Tuesday morning with the Nikkei index hitting a fresh four-and-a-half-year intraday high, as the yen's slide added to expectations of a better earnings outlook among export-oriented firms.
The 225-issue Nikkei Stock Average gained 42.79 points, or 0.35 percent, from Monday to 12,391.84 after rising to as high as 12,461.97. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 4.41 points, or 0.42 percent, to 1,044.39.
Export-linked shares such as electric machinery and semiconductor makers enjoyed strong gains as the dollar climbed to the upper 96 yen range on strong expectations of a U.S. economic recovery, brokers said.
The market was also underpinned by the government's business outlook survey for the January-March period released in the morning which showed business sentiment for large companies improved in the quarter, brokers said.
Hopes for further easing measures by the Bank of Japan remained high, a day after the government's nominee for the post of the BOJ chief, Haruhiko Kuroda, reiterated his commitment to take bolder credit easing steps, said Fumiyuki Nakanishi, general manager of investment and research at SMBC Friend Securities Co.
He added the upper house hearing for the government's nominees for the BOJ's two deputies held in the morning had little impact on the stock market, as it fell within market expectations.
Panasonic jumped 48 yen, or 7.2 percent, to 718 yen and TDK rose 200 yen, or 6.2 percent, to 3,440 yen, while Kyocera climbed 440 yen, or 5.3 percent, to 8,820 yen.
Advantest gained 50 yen, or 3.6 percent, to 1,434 yen and Tokyo Electron rose 115 yen, or 2.7 percent, to 4,400 yen.
Nippon Steel & Sumitomo Metal was up 15 yen, or 6.0 percent, at 265 yen after the Nikkei daily reported the steel giant is making final arrangements to halt the operation of a blast furnace at its mill as an initial step to reduce excess capacity.
Gainers were led by the steel, electric machinery and consumer finance sectors while decliners included oil, foods and warehouse issues.
Despite the market gains, falling issues outnumbered advancing ones 858 to 710 on the First Section while 126 ended the morning unchanged.
(c) 2013 Kyodo News International, Inc.
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