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Tokyo Stocks Rise in Early Trading

July 14, 2000

TOKYO (AP) _ Tokyo stocks rose moderately early Friday, partly lifted by an overnight advance on Wall Street. The U.S. dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average rose 52.21 points, or 0.31 percent, to 17,089.11 in the first one hour of trading. On Thursday, the average closed down 305.23 points, or 1.76 percent.

The U.S. dollar was trading at 108.14 yen, down 0.08 yen from late Thursday in Tokyo and also below its late New York level of 108.19 yen overnight.

On the stock market, the Nikkei index posted some gains after investors were cheered by an overnight 75.27-point gain in the technology-heavy Nasdaq composite index, which closed at 4,174.86.

Also in New York, the Dow Jones industrial average rose 5.30 to 10,788.71 on Thursday.

Traders said, however, that many investors remain cautious as they continued to assess a major corporate bankruptcy’s impact on the nation’s economy, recovering from its worst downturn in over 50 years.

On Wednesday, Sogo Co., a major Japanese department store, filed for bankruptcy protection, and three of its domestic branches were closed Thursday.

The broader Tokyo Stock Price Index of all issues listed on the first section was up 3.96 points, or 0.25 percent, to 1,578.12 points. The TOPIX closed down 30.24 points, or 1.88 percent, the day before.

In currency dealings, the dollar drifted in a narrow range in early Asian trading after the greenback was steady in New York following Thursday’s firmness in U.S. stocks.

In other currencies, the euro was traded at 101.20 yen, down from 101.86 yen late Thursday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.7200 percent from Thursday’s finish of 1.7050 percent. Its price fell 0.13 point to 99.82.

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On the Net:

Japan’s Tokyo Stock Exchange: http://www.tse.or.jp

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