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Tokyo Shares Close Higher, Dollar Down


06:36 AM EST June 05, 2003
The Associated Press


TOKYO

Tokyo stocks posted across the board gains Thursday as investors were encouraged by gains on Wall Street. The dollar was lower against the yen.

The Nikkei Stock Average of 225 selected issues closed up 99.37 points, or 1.16 percent, at 8,657.23. The index lost 6.63 points, or 0.08 percent, Wednesday.

The dollar bought 118.24 yen at 5 p.m. (4:00 a.m. EDT), down 0.44 yen from late Wednesday, and below the 118.73 yen it bought late in New York.

On the stock market, the Nikkei got a boost from news that the Dow Jones industrial average closed above 9,000 on Wednesday for the first time in nearly 10 months, reflecting a pair of positive reports about the world's largest economy.

Automakers, electronics companies and other export related industries posted gains in Tokyo. Investors also picked up shares in steelmakers and other sectors that have lagged behind the market in recent sessions.

The broader Tokyo Stock Price Index rose 8.27 points, or 0.97 percent, to at 858.09. The TOPIX, which includes more than 1,000 of Japan's largest companies, gained 1.52 points, or 0.18 percent, the previous day.

Rising stocks overwhelmed decliners 906 to 474, and 142 issues finished unchanged.

An estimated 1.43 billion shares changed hands, up from 1.20 billion Wednesday.

The dollar fluctuated between 118.10 yen and 118.93 yen during Tokyo trading hours, weighed down by gains by the yen against the euro, traders said.

The euro fell to 137.94 yen, down from 139.34 yen, on selling ahead of a widely expected interest rate cut by the European Central Bank.

Against the dollar, the euro fell to $1.1664 from $1.1742 late Wednesday.

The yield on the benchmark 10-year bond stood at 0.5150 percent, unchanged from late Wednesday, with its price remaining at 99.85 points.

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On the Net:

Japan's Tokyo Stock Exchange: https://www.tse.or.jp

https://www.tse.or.jp

 
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