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Tuesday August 21, 9:22 AMNikkei up 0.7 pct, exporters rise on yen, global gainsTOKYO, Aug 21 (Reuters) - Japan's Nikkei average rose 0.7 percent on Tuesday with automaker Toyota Motor Corp. and other major exporters extending a winning streak on a softening yen and rising markets globally, suggesting receding concern over the stability of credit markets.Tsuyoshi Segawa, an equity strategist at Shinko Securities, said investors were picking up shares that had been sharply oversold, including trading houses such as Mitsubishi Corp. and nonferrous metals, encouraged by an improving investor sentiment on Wall Street. "The Tokyo market is getting back to normal as shares that should be bought are being bought and shares that should be sold are sold, in contrast to the across-the-board sell-off or buying of stocks seen in recent sessions," he said. Still, Segawa said the Nikkei's gains would likely be limited. "There remain investor anxieties. Coupled with profit-taking, the range is likely to be very narrow," he said. The benchmark Nikkei average added 109.29 points to 15,841.77 by 0059 GMT after the benchmark jumped 3 percent to 15,732.48 the previous day -- its biggest one-day percentage gain in 13 months. The broader TOPIX index climbed 1.3 percent on Tuesday to 1,542.94. The dollar dipped 0.1 percent to 114.75 yen from levels in late U.S. trade, but is well above a 14-month trough of 111.60 yen seen on Friday [FRX/]. Among exporters, Toyota gained 2.2 percent to 6,590 yen, consumer electronics maker Sony Corp. climbed 2.9 percent to 5,360 yen and camera and office equipment giant Canon Inc. rose 1.7 percent at 5,910 yen. Shares of trading houses also gained with Mitsubishi up 5 percent at 2,955 yen, while Mitsui & Co. Ltd. jumped 4.9 percent to 2,240 yen. (Additional reporting by Taiga Uranaka) |
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