TOKYO STOCKS UP 0.75% BY NOON
DATE: 19/07/2012
TOKYO: Tokyo stocks
were 0.75 percent higher by the break on Thursday, following a Wall Street
rally spurred by better-than-expected US corporate earnings and a Federal
Reserve economic report.
The Nikkei 225 index at the Tokyo Stock Exchange climbed 65.66 points to 8,792.40 while the broader Topix index of all first-section issues was 0.91 percent, or 6.74 points, higher at 747.20.
"The US tech rally is aiding the broad market and semiconductor shares," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.
"The market looked oversold, shown in the Topix's recent nine-day losing streak," he told Dow Jones Newswires.
The Dow Jones Industrial Average added 0.81 percent to end at 12,908.70 as quarterly earnings reports from Intel, Yahoo! and Bank of America beat expectations.
Sentiment was also boosted by a Federal Reserve report that said the world's biggest economy continued to grow at a "modest to moderate pace", offering hope to investors after a recent run of disappointing indicators.
Still, Nishi at SMBC Nikko said the upside for Japanese equities was limited with the strong yen weighing.
Eurozone fears were stoked by German Chancellor Angela Merkel's comments Wednesday that she was "optimistic" but could not be certain that the "European project" would work, while the International Monetary Fund warned that the 17-nation bloc was in "critical" danger.
In morning Tokyo trade, microchip-testing device makers jumped, with Advantest up 5.39 percent at 1,113 yen and Tokyo Electron 2.86 percent higher at 3,590 yen.
All Nippon Airways lost 2.08 percent to 188 yen after the firm Wednesday set the price for its upcoming share offer at 184 yen, which is expected to raise more than $2 billion.
Mizuho Financial Group rose 0.78 percent to 129 yen following news that its US subsidiary had agreed to pay $127.5 million to settle charges brought by the US Securities and Exchange Commission.
The watchdog said Mizuho's unit misled investors by inflating a debt deal's credit ratings.
On currency markets, the euro bought $1.2293 and 96.55 yen in Tokyo midday trade, compared with $1.2280 and 96.75 yen in New York late Wednesday.
The dollar bought 78.53 yen from 78.78 yen.
The Nikkei 225 index at the Tokyo Stock Exchange climbed 65.66 points to 8,792.40 while the broader Topix index of all first-section issues was 0.91 percent, or 6.74 points, higher at 747.20.
"The US tech rally is aiding the broad market and semiconductor shares," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.
"The market looked oversold, shown in the Topix's recent nine-day losing streak," he told Dow Jones Newswires.
The Dow Jones Industrial Average added 0.81 percent to end at 12,908.70 as quarterly earnings reports from Intel, Yahoo! and Bank of America beat expectations.
Sentiment was also boosted by a Federal Reserve report that said the world's biggest economy continued to grow at a "modest to moderate pace", offering hope to investors after a recent run of disappointing indicators.
Still, Nishi at SMBC Nikko said the upside for Japanese equities was limited with the strong yen weighing.
Eurozone fears were stoked by German Chancellor Angela Merkel's comments Wednesday that she was "optimistic" but could not be certain that the "European project" would work, while the International Monetary Fund warned that the 17-nation bloc was in "critical" danger.
In morning Tokyo trade, microchip-testing device makers jumped, with Advantest up 5.39 percent at 1,113 yen and Tokyo Electron 2.86 percent higher at 3,590 yen.
All Nippon Airways lost 2.08 percent to 188 yen after the firm Wednesday set the price for its upcoming share offer at 184 yen, which is expected to raise more than $2 billion.
Mizuho Financial Group rose 0.78 percent to 129 yen following news that its US subsidiary had agreed to pay $127.5 million to settle charges brought by the US Securities and Exchange Commission.
The watchdog said Mizuho's unit misled investors by inflating a debt deal's credit ratings.
On currency markets, the euro bought $1.2293 and 96.55 yen in Tokyo midday trade, compared with $1.2280 and 96.75 yen in New York late Wednesday.
The dollar bought 78.53 yen from 78.78 yen.
POWERED BY: THE ECONOMIC NEWS
www.goldennifty.com
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