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Japanese shares gain 1.15% by lunch

Japanese shares gain 1.15% by lunch
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First Published: Fri, Dec 21 2007. 10 48 AM IST
Updated: Fri, Dec 21 2007. 10 48 AM IST
AFP
Tokyo: Japanese share prices rose 1.15% in morning trade on Friday, 21 December, as investors snapped up stocks after the key Nikkei index dipped briefly below the key 15,000 points level, dealers said.
But they said gains were likely to be limited by caution about the fallout from the US subprime loan crisis and ahead of a three-day holiday weekend.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index climbed 173.56 points to 15,205.16 by the lunch break.
The broader Topix index of all first-section shares added 8.08 points or 0.55 percent to 1,465.64.
Gainers outnumbered decliners 837 to 745, with 152 issues unchanged.
Turnover fell to 878 million shares from 791 million on Thursday morning.
Overnight, Wall Street finished another volatile trading firmer as investors set aside concerns about downbeat economic reports and focused on strong profit from Oracle Corp.
But analysts are concerned that the bleak outlook for the Japanese economy may limit the market’s gains.
The Bank of Japan on Thursday downgraded its overall economic assessment for the first time in three years, saying the pace of economic growth may slow due to a drop in housing investment.
Stocks were higher across the broad front, with rubber products, precision equipment and steel issues leading the gains.
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First Published: Fri, Dec 21 2007. 10 48 AM IST
More Topics: Stocks | Japan | Nikkei | Topix | Wall Street |