Stocks, Dollar Up Slightly in Dull Trading
TOKYO (AP) _ Stock prices rose slightly today on the Tokyo Stock Exchange in ″listless″ trading before the U.S. Thanksgiving holiday, while the U.S. dollar stayed in a narrow range after opening marginally higher.
The 225-share Nikkei Stock Average, a 363.67-point gainer Wednesday, rose 62.49 points to close at 23,282.18.
On the Tokyo foreign exchange market, the dollar rose to 134.75 yen from Wednesday’s close of 134.52 yen. During the day’s trading, the dollar stayed in a narrow range between 134.66 yen and 134.80 yen.
″The market didn’t do a heck of a lot today, but it still managed to stay firm all day,″ said Julian Jones, a trader for Vickers da Costa.
″There’s not too much in terms of direction because of the New York holiday. It’s been listless, themeless trading,″ said Paul Migliorato, a broker for Jardine Fleming.
Migliorato said Japanese investors were concentrating on ″a few large capitalized issues,″ such as Kawasaki Steel. ″A lot of things that are up today are real speculative,″ he said.
″The stock market is moving moderately, with many foreign investors shifting to purchasing since last week, following the selling drive resulting from last month’s stock market crash,″ said Michio Katsumata of Nomura Securities.
Shuichi Minami of Morgan Stanley said dollar trading was ″very thin″ because of the U.S. holiday.
″It’s absolutely quiet. There’s no change since yesterday and it’s hard to make money,″ he said.