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Nikkei gains as energy stocks up, TDK jumps

Nikkei gains as energy stocks up, TDK jumps
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First Published: Thu, Aug 30 2007. 12 09 PM IST
Updated: Thu, Aug 30 2007. 12 09 PM IST
Reuters
Tokyo: Japan’s Nikkei average added 0.9% on Thursday, 30 August, as higher oil prices pushed up energy stocks and trading firms, while TDK Corp gained on its plan to buy Thailand-based Magnecomp Precision Technology.
Tokyo Electron Ltd rose on a report about strong earnings, while trading house Mitsui & Co Ltd advanced after saying it had won an order to build a diesel oil plant in Egypt.
Trade remained thin amid lingering concern about the US economy and credit woes, and the market was mainly dominated by those looking for short-term gains.
“I don’t see any reason for long-term investors to sell and push the prices further down at the moment. The active players are short-term investors,” said Masayoshi Okamoto, head of dealing at Jujiya Securities.
But Okamoto said government capital flow data earlier on Thursday showed that foreign investors, who are major players in the Tokyo stock market, bought a net 13 billion yen of Japanese stocks last week, a sign that the market may regain momentum.
The benchmark Nikkei rose 0.85% or 135.72 points to 16,148.55 0450 GMT, while the broad TOPIX index gained 0.52% to 1,565.73.
US crude oil futures rose above $73 a barrel on Wednesday, helping oil explorer INPEX Holdings add 1% to 1.01 million yen and Nippon Oil Corp, Japan’s largest oil refiner, up 3.8% to 932 yen.
In the technology sector, TDK leapt 4.3% to 9,450 yen after it said on Wednesday it would buy 74.3% of Magnecomp Precision Technology for $123 million.
Tokyo Electron gained 2.3% to 8,040 yen after the Nikkei business daily reported the firm would likely post a 42% jump in group net profit in the first half to the end of September on growing sales to chipmakers in Asia.
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First Published: Thu, Aug 30 2007. 12 09 PM IST
More Topics: Global Markets | Japan | Stocks | Nikkei | TOPIX |