Tokyo stocks rise 1.2 percent in morning trade

Published September 28th, 2000 - 02:00 GMT

Share prices in Tokyo rose 1.2 percent Thursday morning as investors took heart from strong growth in Japan's industiral output in August, a broker said. 

 

The Tokyo Stock Exchange's key Nikkei-225 index rose 190.98 points to close the morning session at 15,830.93. 

"The strong industrial output lifted buying sentiment, defying a fall on Wall Street yesterday," said Hiroichi Nishi, senior market analyst at Nikko Securities. 

 

"The August output was better than the market's expectation of 3.2 percent-growth. It was a positive factor in the market," Nishi said. 

The August output rose 3.3 percent from the previous month, marking the highest month-on-month growth since January 1993. 

 

The Tokyo market was also supported by bargain-hunting after losing 288.67 points on Wednesday. 

"The market rebounded on bargain-hunting," Nishi said. 

 

Among winners, leading electrical machinery manufacture, Hitachi Ltd., rose 22 yen or 1.8 percent to 1,229 yen. Electronic giant NEC Corp. climbed 40 yen or 1.7 percent to 2,405 yen. 

 

But shares in NTT DoCoMo Inc., Japan's biggest mobile phone firm, declined 120,000 yen or 3.83 percent to 3.01 million yen despite its announcement to tie up with America Online Inc. 

Shares in Mizuho Holdings Inc., which made its debut on the market, closed the session at 849,000 yen, up from 817,000 yen set by the Tokyo Stock Exchange. 

 

Mizuho is the world's largest banking group created by Dai-Ichi Kangyo Bank Ltd., Fuji Bank Ltd. and Industrial Bank of Japan Ltd.— (AFP) 

 

© Agence France Presse 2000 

 

© 2000 Mena Report (www.menareport.com)

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