Tokyo Stocks Fall
Aug. 31, 2000
TOKYO (AP) _ Tokyo stocks fell for a third day Thursday as investors ook profits on shares that rose during last week's rally. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average, which rose as much as 150 points during morning trading, finished down 40.51 points, or 0.24 percent, at 16,861.26. On Wednesday, the average closed down 240.08 points, or 1.40 percent.
The dollar bought 106.42 yen at 5 p.m. (4 a.m. EDT), up 0.36 yen from late Wednesday in Tokyo but just below its late New York level of 106.47 yen overnight.
On the stock market, the Nikkei index slipped as investors took profits on the last day of the trading month.
``The market lacks incentives after rallies since last week, and given the current lackluster state of the U.S. market,'' said Kunihiro Hatae, general manager of equities at Tokyo Securities.
He said investors were awaiting the release Friday of U.S. employment data for August.
In New York, the Dow Jones industrial average fell 112.09 points to 11,103.01 at Wednesday's close.
The broader Tokyo Stock Price Index of all issues listed on the first section closed down 7.41 points, or 0.49 percent, at 1,511.44. The TOPIX closed down 20.84 points, or 1.35 percent, the day before.
On the Tokyo Stock Exchange's first section, 791 issues fell, with 445 issues ending higher and 163 unchanged from Wednesday.
Volume was estimated at 589.99 million shares, up from 523.03 million shares Wednesday.
The dollar held onto overnight gains that came after some investors who oversold the U.S. currency bought it back.
In other currencies, the euro was traded at 95.00 yen, up from 94.24 yen late Wednesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond was 1.8950 percent, up 0.02 percentage point from late Wednesday. Its price fell 0.16 point to 99.20.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp