Japanese shares end slightly higher
TOKYO (AP) - Japanese stocks ended slightly higher Monday as
investors were cautious ahead of earnings and financial data due
out later in the week.
The benchmark Nikkei 225 index inched up 19.02 points, or 0.14
percent, to close at 13,353.78, ending in positive territory after
falling nearly 2 percent Friday. The index started Monday's session
off strongly, rising nearly 100 points, before faltering in the
afternoon.
``There was some selling as the dollar weakened during the day,
and investors are cautious ahead of the earnings and data coming
out this week,'' said Hiroichi Nishi, general manager at Nikko
Cordial Securities.
Investors are especially watching companies' financial
forecasts. Honda Motor Corp. ended the day down 2.9 percent at
3,650 yen. The automaker reported record profit for a fiscal first
quarter on Friday, but cut its vehicle sales forecast for the
fiscal year through March 2009.
Advantest Corp., which manufactures equipment to make microchips
and is viewed as a technology bellwether in Tokyo, plunged 6
percent to 2,170 yen, after Friday reporting a quarterly loss and
predicting more red ink ahead.
Meanwhile a number of exporters did well on the day. Major
trading house Mitsui & Co. Ltd. shot up 5.7 percent to 2,230 yen,
and video game giant Nintendo Co. rose 2.2 percent to 55,300 yen.
The Topix, an index of all shares in the first section of the
Tokyo Stock Exchange, also ended slightly higher, rising 0.19
percent to 1,300.79.
The mild gains in Tokyo came after a similarly tepid rise in New
York, where Friday the Dow Jones industrial average rose 0.19
percent to 11,370.69.
Investors on both sides of the Pacific are awaiting the U.S.
governments employment report for July, due out Friday this week.
In currency trading, the dollar bought 107.67 yen midafternoon
in Tokyo, down from 107.90 yen late Friday in New York. The euro
rose to $1.5703, up from $1.5678.
The dollar was stronger against some Asian currencies. The
greenback rose to 1.3633 against the Singapore dollar and to
33.4060 against the Thai baht.
07/28/08 05:13
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