Stocks Closing UPDATE1
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Aug. 29 -- (Kyodo) _ (EDS: ADDING DETAILS, PRICES)
Tokyo stocks rebounded Thursday, after sagging for the previous three sessions, drawing support from a weaker yen and mostly solid Asian shares.
The 225-issue Nikkei Stock Average gained 121.25 points, or 0.91 percent, from Wednesday to 13,459.71. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 2.48 points, or 0.22 percent, at 1,116.51.
Gainers were led by mining, glass and oil companies, while decliners included utilities, tire makers and airlines.
After shedding more than 320 points over the past three sessions, traders snapped up shares on dips as technical charts indicated the Nikkei index was close to the "buy zone," brokers said.
"Sentiment was lifted by many firmer stocks in emerging economies in Asia following recent sharp declines in their currencies and equities," said Hiroaki Hiwada, strategist at Toyo Securities Co. "In Thailand for example, stocks gained for the first time in 11 sessions."
Tsutomu Yamada, market analyst at kabu.com Securities Co. said, "Investors were somewhat relieved by the yen's slide and moderate U.S. stock gains, but concerns over tensions in Syria and a possible military strike by U.S.-led forces remained unchanged."
"Since we still do not know what kind of intervention it might be, players were cautiously watching developments and refrained from actively buying," he said.
Brokers said stocks failed to aggressively chase higher ground as many market participants adopted a wait-and-see mood ahead of a series of economic gauges to be released in early September, including U.S. nonfarm payrolls data for August and Japan's revised gross domestic product data for the April-June period among others.
Mining and oil companies posted notable gains on the back of a recent surge in oil prices. Inpex shot up 22,500 yen, or 5.2 percent, to 454,500 yen and Japan Petroleum Exploration advanced 200 yen, or 4.7 percent, to 4,495 yen.
Among export-oriented companies that benefitted from the yen's decline, Kyocera climbed 250 yen, or 2.5 percent, to 10,110 yen and Isuzu Motors surged 25 yen, or 4.4 percent, to 596 yen.
Meanwhile, electronics maker Panasonic dropped 18 yen, or 2.0 percent, to 873 yen after the Nikkei business daily reported the company is finalizing plans to pull out of the consumer smartphone business in Japan.
In the utilities sector, Tokyo Electric Power dipped 13 yen, or 2.6 percent, to 497 yen and Kansai Electric Power tumbled 65 yen, or 5.6 percent, to 1,084 yen.
Despite the overall rise in share prices, declining issues outnumbered advancing ones 818 to 769 on the First Section, while 166 remained unchanged.
Trading volume on the main section came to 1,810.12 million shares, down from Wednesday's 1,979.50 million shares.
(c) 2013 Kyodo News International, Inc.
[ Back To Technology News's Homepage ]