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Tokyo Stocks Inch Higher

May 27, 1999

TOKYO (AP) _ Tokyo stock prices inched higher in early trading Thursday following a rise on Wall Street. The dollar rose against the yen.

The benchmark 225-issue Nikkei Stock Average rose 0.10 points, negligible in percentage terms, to 16,230.62 points in the first 30 minutes of trading. On Wednesday, the average gained 16.29 points, or 0.10 percent.

The dollar was traded at 122.38 yen, up 0.28 yen from late in Tokyo on Wednesday and also above its late New York level of 122.17 yen.

On the stock market, share prices edged higher as dealers covered short, or oversold, positions, said Kunihiro Hatae, general manager of the stock division at Tokyo Securities.

In New York Wednesday, the Dow Jones Industrial Average rose 171.07, or 1.6 percent, to 10,702.16. The high-tech-heavy Nasdaq Composite Index jumped 1.9 percent to 2,427.17.

Shares were also helped by a rise in Nikkei futures on the Chicago Mercantile Exchange.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 3.44 points, or 0.26 percent, to 1,306.76. The TOPIX closed down 5.36 points, or 0.41 percent, Wednesday.

In currency dealings, the dollar rose against the yen amid short-covering by Japanese institutional investors.

In other currencies, the euro was quoted at 127.84 yen, down from 129.36 yen late Wednesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.4550 percent from 1.4300 percent Wednesday, driving it’s price down to 99.51 yen from 99.73 yen.

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