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Thursday August 23, 7:21 AMTokyo stocks seen rising after gains on Wall StTOKYO, Aug 23 (Reuters) - Tokyo stocks are likely to rise on Thursday following gains on Wall Street, with higher commodity prices pushing up nonferrous stocks while those related to emerging economies are seen drawing buyers.The Bank of Japan ends a two-day policy meeting on Thursday at which it is expected to keep interest rates unchanged, but attention will be focused on comments by BOJ Governor Toshihiko Fukui at a briefing afterwards. "New York stocks rose and subprime concerns seem to be easing," said Masayoshi Yano, senior manager of investment information at Tokai Tokyo Securities Co Ltd. "The fact that M&A activity resurfaced in the U.S. market means liquidity may have started to come back," he said. Tsuyoshi Nomaguchi, a strategist at Daiwa Securities Co Ltd, said concern about the credit squeeze remains, limiting the market's overall gains. Market participants expect the Nikkei average to trade between 15,900 and 16,200. "The Nikkei will recover 16,000 today but rebounds will be technical," Nomaguchi said. Nikkei futures traded in Chicago finished the previous session at 16,155.00, 245 points higher than the Osaka close , pointing to a higher opening. The Dow Jones industrial average rose 1.11 percent to end at 13,236.13 while the Nasdaq Composite Index ended up 1.25 percent at 2,552.80. U.S. stocks rose on Wednesday as takeover activity resurfaced and credit markets stablised. STOCS TO WATCH -- Mitsubishi Corp. Mitsubishi said on Wednesday it planned to buy back up to 150 billion yen ($1.31 billion) worth or up to 3.06 percent of its outstanding stock on Thursday. [ID:nT240158] -- Mitsui Sumitomo Insurance Mitsui Sumitomo said on Wednesday it booked 23.5 billion yen in group net profit in the first three months of this business year. For the quarter ended in June, Mitsui Sumitomo posted 31.8 billion yen in recurring profit. -- Hitachi Ltd. Hitachi may invest in India's nuclear energy sector, its chief executive officer said on Wednesday. [ID:nDEL000452] -- Bridgestone Corp Japan's largest tyre maker said on Wednesday it would invest about 21.5 billion yen to boost output at plants in India and Indonesia to meet growing demand. [ID:nT228491] |
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