Stocks, Dollar Rise in Tokyo
TOKYO (AP) _ Japanese stock prices recovered from a midday slump and ended with slight gains today, while the dollar rose against the yen.
The 225-issue Nikkei Stock Average rose 166.20 points, or 0.8 percent, closing at 20,633.06 points. On Thursday, the average had fallen 214.81 points, or 1.04 percent.
Masaaki Higashida of Nomura Securities said a lack of incentives to either buy or sell has kept the market fluctuating, unable to take off in either direction.
The market already has taken into consideration key factors like the recent Japanese economic recovery, he said.
Share prices had edged lower earlier on an onslaught of sell orders by overseas investors, but bounced back later in the day as prices of Nikkei index futures led the cash market higher.
The Tokyo Stock Price Index of all issues listed on the first section rose 7.02 points, or 0.45 percent, to 1,557.57. It had slipped 12.33 points, or 0.79 percent, Thursday.
Volume stood at about 280 million shares on the first section, slightly down from the previous day’s 287.07 million. Advances outnumbered declines 552 to 517, while 168 issues were unchanged.
On the foreign exchange market, the dollar was trading at 113.64 yen today, up 0.38 yen from late Thursday in Tokyo. It was quoted at 114.05 yen overnight in New York.
It ranged during the day between 113.38 yen and 114.20 yen.
Traders were cautious about making major moves ahead of the release of closely watched employment data later today in the United States. They were also waiting for the U.S. presidential election next week.
Akira Kase, general manager at Marubeni Corp., said the market had already factored in a Clinton victory but was watching the congressional race, ``with a strong showing by the Republicans being a dollar-selling factor.″
The three-day weekend in Japan also kept traders busy adjusting their positions. Financial markets will be closed Monday in Japan for a national holiday.
The benchmark No. 182 10-year Japanese government bond was quoted at 103.51 yen, up from Thursday’s 103.47-yen close. Its yield fell to 2.515 percent from 2.520 percent.