Tokyo Stocks Rise
Apr. 28, 2000
TOKYO (AP) _ Tokyo stocks rose early Friday, supported by gains in technology shares in the United States. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average gained 32.34 points, or 0.18 percent, to 18,051.51 in the first 30 minutes of trading. On Thursday, the average closed down 115.14 points, or 0.6 percent.
The dollar bought 106.60 yen, up 0.58 yen from late Thursday in Tokyo and also above its late New York level of 106.36 yen.
On the stock market, the Nikkei started higher on buying of major information technology issues following a similar move on Wall Street.
In New York, the Nasdaq composite index rose 143.94 points to close Thursday at 3,774.03. The Dow Jones industrial average shed 57.40 points to finish at 10,888.10.
The broader Tokyo Stock Price Index of all issues listed on the first section was up 6.45 points, or 0.39 percent, to 1,650.67. The TOPIX closed down 23.67 points, or 1.42 percent, the day before.
In currency dealings, the dollar moved higher in early Asian trading on demand for the greenback, a typical trend at the end of each month.
The dollar's continued strength against the euro also was indirectly nudging down the yen's value, traders said. In New York, the euro hit another record low against the U.S. currency, falling as low as 90.59 in intraday trading, despite a rate increase in Europe.
On Friday the euro was traded at 97.00 yen, down from 97.62 yen late Thursday in Tokyo.
The yield on the benchmark 10-year Japanese government bond fell to 1.7250 percent from Thursday's finish of 1.7350 percent. Its price rose 0.09 point to 100.64.
On the Net: Tokyo Stock Exchange: http://www.tse.or.jp./