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Nikkei up 1% as Kyocera, metal shares rise

Nikkei up 1% as Kyocera, metal shares rise
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First Published: Mon, Aug 13 2007. 09 26 AM IST
Updated: Mon, Aug 13 2007. 09 26 AM IST
Tokyo, 13 August: Japan’s Nikkei average rose 1% on Monday, 13 August with Kyocera Corp. and other recent losers gaining ground after US stocks made up for early losses on Friday 10 August, while a similar pickup in industrial metals prices lifted metal company shares.
Investors largely ignored gross domestic product data out before the start of trade as the focus remains on overseas markets, said Tsuyoshi Segawa, an equity strategist at Shinko Securities.
“The powerful typhoon now seems to be moving away,” Segawa said, refering to the recent equity sell-off in the Tokyo market.
“The relentless unwinding of long-short positions last Thursday and Friday scared investors away from the stock market, but sentiment has improved.”
But Segawa said it was inevitable that credit concerns put stocks, which are risky assets, under pressure, limiting further gains for now.
The benchmark Nikkei average was up 163.19 points at 16,927.28 as of 0125 GMT.
The broader TOPIX index added 0.8% to 1,646.66.
Japan’s economy grew 0.1% in April-June from the previous quarter, government data showed just before the start of trade, falling just short of market expectations for a 0.2% increase.
Global equity markets were roiled last week by fears that widening fallout from worsening lending conditions could take a bite out of economic growth and corporate profits. The turmoil prompted central banks to pump extra cash into the financial system.
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First Published: Mon, Aug 13 2007. 09 26 AM IST