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Dollar Traded Mixed, Stocks Finish Lower

May 22, 1996

TOKYO (AP) _ The dollar was trading mixed against the yen at mid-afternoon Wednesday, while Tokyo stock prices finished lower in quiet trading.

Traders said the dollar stayed on a firm note earlier in the session following its overnight rally in New York.

The dollar reached a 16-month high against the mark in New York Tuesday after German central bank council member Olaf Sievert said a stronger dollar is acceptable.

But later in the day’s session in Tokyo, the U.S. currency moved slightly lower on profit taking, traders said.

In mid-afternoon, the dollar was quoted at 107.11 yen, up 0.39 yen from its late Tuesday level in Tokyo and above its overnight New York level of 107.18 yen.

On the stock market, domestic institutional and foreign investors continued to remain on the sidelines watching for fiscal year-end earnings reports.

Some individual investors picked up speculative issues and other incentive-backed stocks, but arbitrage selling pushed the Tokyo Stock Exchange’s main index in the afternoon accelerated its losses.

The 225-issue Nikkei Stock Average shed 133.74 points, or 0.61 percent, closing at 21,958.00 points. On Tuesday, the average rose 112.74 points, or 0.51 percent.

The Tokyo Stock Price Index of all issues listed on the first section was down 6.18 points, or 0.37 percent, to 1,683.12. The TOPIX closed up 0.26 points, or 0.02 percent Tuesday.

An estimated 410 million shares changed hands on the first section, up from Tuesday’s 401 million shares. Declining issues outnumbered advances 701 to 337, with 186 unchanged.

Losers included electronics issues, steels and banking stocks, while most of auto issues and a segment of construction issues were among gainers.

The benchmark No. 182 10-year Japanese government bond was quoted at 98.28 yen, up from Tuesday’s 98.21-yen close. Its yield fell to 3.240 percent from 3.250 percent.

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