Stocks Gain Back, Dollar Finishes Lower
TOKYO (AP) _ Share prices on the Tokyo Stock Exchange rose in thin trading Wednesday, as the dollar finished lower against the yen.
The 225-issue Nikkei Stock Average gained 80.64 points, or 0.47 percent, closing at 17,393.68 points. The average lost 370.61 points, or 2.10 percent, on Tuesday.
The average was down 24.17 points at the end of the morning session but rebounded in the afternoon.
The Tokyo Stock Price Index of all issues listed on the first section was up 4.23 points, or 0.32 percent, to 1,308.31 points. The TOPIX fell 19.27 points or 1.45 percent, the previous day.
Traders said prices rose on buying by public pension funds. Hirotsugu Ishii, an analyst with Yamatane Securities, said the fall early in the session was a result of technical adjustments after recent gains.
Profit-taking caused Tuesday’s decline. Before Tuesday, the Nikkei had gained a total of 1,698.60 points, or 10.6 percent, since Nov. 18 largely on buying by public pension funds.
Meanwhile, the dollar closed at 124.17 yen, down 0.55 yen from Tuesday’s close. After opening at 124.32 yen, it ranged from 124.15 yen to 124.40 yen.
The dollar’s lower opening followed its decline in New York on profit- taking despite two positive reports on the U.S. economy.
Kazutaka Hosoda, a dealer at Dai-Ichi Kangyo Bank, said trading was quiet but sentiment favoring the dollar was still strong, despite its fall in the day’s trading.
″I expect slow and steady dollar-buying,″ he said.
The yield on the benchmark No. 145 10-year Japanese government bonds fell to 4.590 percent from Tuesday’s 4.620-percent finish. Their price rose to 105.91 points from 105.70 points.