Tokyo Stocks Plummets 162 Points
TOKYO (AP) _ Tokyo stocks fell moderately Thursday morning on selling of technology shares. The dollar edged higher against the yen.
The benchmark 225-issue Nikkei Stock Average dropped 162.36 points, or 1.07 percent, to 15,006.32 at the end of the morning session. On Wednesday, the average closed up 54.04 points, or 0.36 percent.
The dollar bought 112.57 yen in late morning, up 0.01 yen from late Wednesday in Tokyo but lower than its late New York level of 112.75 yen overnight.
On the stock market, selling of technology and communications stocks led the morning decline in the Nikkei average. Investor sentiment was dampened by an overnight fall by the tech-heavy Nasdaq composite average in New York.
The Nasdaq dropped 109.00 points to 2,822.77 on Wednesday, while the Dow Jones industrial average closed up 26.17 points at 10,794.44.
In other trading early Thursday in Tokyo, the broader Tokyo Stock Price Index of all issues listed on the first section declined 11.65 points, or 0.84 percent, to 1,381.25. The TOPIX closed down 0.77 points, or 0.05 percent, the day before.
In currency dealings, the dollar drifted slightly higher against the yen.
Traders said they expected little impact from news Democrat Al Gore conceded victory in the U.S. presidential race to Republican George W. Bush, ending a 36-day legal battle.
In other currencies, the euro was traded at 98.56 yen in late morning, up from 98.44 yen late Wednesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond fell to 1.6800 percent from Wednesday’s finish of 1.6900 percent. Its price rose 0.08 point to 101.02.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp