Tokyo stocks rally 2.34 points to snap 9-day losing streak
- Source: Xinhua
- [18:14 July 14 2009]
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Tokyo stocks rebounded sharply Tuesday, snapping a nine-day losing streak.
The benchmark Nikkei-225 index gained 211.48 points, or 2.34 percent, from Monday to 9,261.81.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 16.15 points, or 1.89 percent, to 868.57.
Stocks gained almost across the board, led by securities, glass and ceramics, and nonferrous metal issues. Decliners were mostly defensive issues, including pharmaceutical, electricity and gas, and land transport.
Tokyo stocks went through the longest slump since last year, with the key Nikkei index falling near the 9,000 line from its high of more than 10,000, partly on renewed worries over the global economic recovery.
Financial shares led the rebound, tracking sharp gains in U.S. counterparts, with volume leader Mizuho Financial Group up 5 yen, or over 2 percent, to 198 yen. Top brokerage house Nomura Holdings jumped almost 7 percent to 714 yen.
Exporters rose on a relatively stable dollar against the yen in Tokyo, where it traded mostly in the lower 93 yen level in the afternoon, up from the mid-92 yen level late Monday.
Bellwether Sony advanced 120 yen, or over 5 percent, to 2,285 yen and Toshiba gained over 3 percent. Nissan Motor surged 37 yen, or over 7 percent, to 545 yen.
Toyota gained 120 yen or 3.55 percent after the company's Lexus launched Tuesday the first dedicated hybrid sedan in Japan, hoping the eco-friendly model can be a hit in the increasingly competitive auto market amid the global economic downturn.
Leading beverage maker Kirin Holdings Co. edged up 0.65 percent after sharp gains the previous day. It said it's in talks to merge with Suntory Holdings Ltd. to create a world's sixth largest beverage company.
On the First Section, advancing issues outpaced declining issues 1,173 to 445, with 81 others remaining unchanged.
Trading volume on the main section came to 2,232.96 million shares, down from Monday's 2,357.06 million.
The TSE's Second Section index was up 24.32 points, or 1.16 percent, to 2,118.45 on a volume of 51.96 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract was up 210 points to 9,250.