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Japanese shares up 2.48% in morning trade

Japanese shares up 2.48% in morning trade
AFP
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First Published: Mon, Feb 04 2008. 11 06 AM IST
Updated: Mon, Feb 04 2008. 11 06 AM IST
Tokyo: Japanese share prices rose 2.48% in morning trade Monday as the market welcomed a rise on Wall Street triggered by Microsoft’s giant bid for Yahoo, dealers said.
They said the market overcame some of the concerns from last week over disappointing earnings from some major domestic companies.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 335.24 points to 13,832.40 by the lunch break. The broader Topix index of all first-section shares was up 27.32 points or 2.04% at 1,364.18.
Gainers exceeded decliners 1,396 to 254, with 62 issues unchanged.
Turnover fell to 938 million shares from 1.012 billion on Friday morning.
Investors were cheered by gains on Wall Street where US stocks rose Friday on news of a blockbuster 44.6-billion-dollar bid by Microsoft for Yahoo.
The move helped to offset worries about unexpectedly weak US employment figures. The US economy lost 17,000 jobs in January, the first drop in more than four years, the government reported on Friday.
“The local market is expected to test how far it can rebound this week as investors tend to focus more on positive news while setting aside bad news such as weak US payrolls data,” said Yoshikiyo Shimamine, chief economist at Dai-Ichi Life Research Institute.
Trading houses were among the top gainers, with Mitsubishi surging 235 yen or 8.6% to 2,955, Mitsui and Co rising 95 yen or 4.5% to 2,195 and Sumitomo Corp climbing 54 yen or 3.7% to 1,529.
Among banks, Mizuho Financial was 18,000 yen or 3.8% higher at 491,000, Mitsubishi UFJ Financial climbed 39 yen or 3.9% to 1,034 and Sumitomo Mitsui Financial rose 23.000 yen or 2.8% to 840,000.
Sharp Corp gained 121 yen or 6.3% at 1,947 after the company said its operating profit rose 5.5% in the fiscal third quarter, buoyed by strong sales of its flat televisions.
Toyota Motor rose 130 yen or 2.3% to 5,910 following a weekend report that the automaker is considering building an eighth assembly plant in China to boost annual output there to one million vehicles.
Following Microsoft’s bid for its rival, Yahoo Japan — a joint venture between Internet conglomerate Softbank Corp and Yahoo Inc. of the US — was bid only at 46,000 yen, compared to Friday’s closing price of 42,000.
Softbank surged 251 yen or 13.2% to 2,155.
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First Published: Mon, Feb 04 2008. 11 06 AM IST
More Topics: Stocks | Asia | Nikkei | Asia | Japan |