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Japanese shares end mixed amid uncertain outlook

Japanese shares end mixed amid uncertain outlook
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First Published: Thu, Sep 13 2007. 12 15 PM IST
Updated: Thu, Sep 13 2007. 12 15 PM IST
AFP
Closing
Tokyo: Japanese share prices closed mixed on Thursday, 13 September, as investors took a cautious stance amid uncertainties about the health of the US economy and the domestic political situation, dealers said.
They said the market was watching the race to replace Prime Minister Shinzo Abe, who announced his resignation Wednesday after a plunge in his popularity.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index of leading shares rose 23.59 points or 0.15 percent to end at 15,821.19.
The broader Topix index of all first-section shares dipped 5.40 points or 0.35 percent to 1,522.87.
First release
Tokyo: Japanese share prices rose 0.39% in morning trade on Thursday, 14 September, as investors took comfort in the stable yen and a relatively calm performance on Wall Street overnight, dealers said.
But the market remained cautious after the announcement of Prime Minister Shinzo Abe’s resignation Wednesday, which adds to the political uncertainty, they added.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index of leading shares gained 61.49 points to 15,859.09 by the lunch break.
The broader Topix index of all first-section shares added 0.89 points or 0.06% to 1,529.16.
Gainers outnumbered decliners 874 to 671, with 152 issues unchanged.
Turnover rose to 700.9 million shares from 689 million on Wednesday morning.
Overnight on Wall Street shares drifted mostly lower with investors cautious ahead of next week’s Federal Reserve meeting and a rally fizzling in the face of a fresh record high for oil prices.
Japanese investors were monitoring how the domestic political situation will unfold after Abe said Wednesday he will resign after less than a year in power, falling victim to a string of scandals that sent his approval ratings plunging.
The ruling Liberal Democratic Party (LDP) will choose a successor on September 19, according to local media.
“The market’s morning performance seems to indicate that investors are taking Abe’s announcement rather positively,” Akino said.
Oil shares were higher after crude prices surged above $80 a barrel on Wednesday, the highest it’s ever been in intraday trading, before settling at $79.91.
Nippon Oil Corp rose 10 yen or 1.0 percent to 1,001, Showa Shell Sekiyu KK gained 21 yen or 1.5% to 1,419, Cosmo Oil was 4 yen or 0.7% higher at 541 and Inpex Holdings was 20,000 yen or 1.8% higher at 1.15 million yen.
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First Published: Thu, Sep 13 2007. 12 15 PM IST
More Topics: Stocks | Japan | Global markets | Nikkei | TOPIX |