Stocks Fall Back Moderately, Dollar Firms
TOKYO (AP) _ Share prices on the Tokyo Stock Exchange fell back moderately today, while the dollar closed higher against the Japanese yen.
The 225-issue Nikkei Stock Average finished at 15,926.44, down 57.20 points or 0.36 percent. On Wednesday, the benchmark index gained 291.05 points, or 1.85 percent.
The Tokyo Stock Price Index of all issues listed on the first section fell 6.02 points, or 0.50 percent, to 1,207.32. The TOPIX gained 13.17 points, or 1.10 percent, the previous day.
Volume on the first section was estimated at 180 million shares, little changed from 184.95 million shares Wednesday.
Stock traders said share prices fell back after early gains on index-linked selling following weakening of futures prices.
Tamoesu Yamazaki, a director at Kyowa Securities, said many institutional investors felt corporate profits were likely to recover next year after hitting bottom in mid-year reports this fall.
He said ″a buying mood is spreading″ although there are no specific bullish factors now.
That view was contradicted by Paul Migliorato, a senior salesman at Jardine Fleming Securities, who pointed to the continuing low trading volume. ″It’s hard to be inspired by this kind of market,″ he said.
Meanwhile, the dollar closed at 127.53 yen, up 0.23 yen from Wednesday’s finish. It opened at 127.55 yen and ranged between 127.50 yen and 127.60 yen.
Spot trading volume totaled $2.506 billion against Wednesday’s $1.951 billion.
The dollar was hit by large-lot selling soon after the opening but soon found support with buying orders, said Koji Yoshimi, a dealer with Tokai Bank.
Dollar trading will be probably be slow prior to the release Friday of U.S. unemployment figures for July, Yoshimi said.
The benchmark No. 129 10-year Japanese government bonds closed at 107.51 points, down from Wednesday’s 108.05-point finish. Their yield rose to 5.030 percent from 4.940 percent.