Tokyo Stocks End Higher, Dollar Lower
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Tokyo Stocks End Higher, Dollar Lower
Monday, July 14, 2003 6:07 a.m. ET
TOKYO (AP) -- Japanese stocks rebounded Monday, led by technology companies and drugmakers as investors were heartened by gains on Wall Street. The dollar was lower against the yen.
The Nikkei Stock Average of 225 selected issues on the Tokyo Stock Exchange gained 120.28 points, or 1.25 percent, to close at 9,755.63. On Friday the index tumbled 320.27 points, or 3.22 percent.
On the Tokyo foreign exchange market, the dollar was trading at 117.56 yen at 5 p.m. (4:00 a.m. EDT) Monday, down 0.20 yen from late Friday and also below 117.65 yen it bought later that day in New York .
In stock trading, investors needing encouragement after the Nikkei's stumble found it on Wall Street, where a brokerage upgrade of Intel's earnings helped the market finish last week on a positive note. The Dow Jones industrial average rose 0.9 percent and the technology heavy Nasdaq composite index 1.1 percent Friday.
That gave a boost Monday to Japanese technology stalwarts NEC, Sony and Toshiba, which were joined in the rally by drugmakers including Taisho Pharmaceutical and other defensive stocks.
The broader Tokyo Stock Price Index rose 8.25 points, or 0.87 percent, to end at 954.03. The TOPIX, which includes more than 1,000 of Japan's largest companies, lost 28.36 points, or 3.13 percent, Friday.
An estimated 1.096 billion shares changed hands, down from 1.387 billion Friday.
Rising stocks outnumbered decliners 915 to 495, and 115 issues closed unchanged.
In the currency markets, the dollar was little changed against the yen, fluctuating between 117.55 yen and 117.81 yen during Tokyo trading hours.
Action was subdued ahead of a highly anticipated congressional appearance by U.S. Federal Reserve Chairman Alan Greenspan on Tuesday, traders said.
The euro bought $1.1260 late Monday, down from $1.1334 Friday. Against the yen, the euro was quoted at 132.39 yen, down from 133.51 yen.
The yield on the benchmark 10-year bond rose to 1.0000 percent from 0.9800 percent late Friday. Its price fell 0.18 point to 99.09.
Copyright © 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
TOKYO (AP) -- Japanese stocks rebounded Monday, led by technology companies and drugmakers as investors were heartened by gains on Wall Street. The dollar was lower against the yen.
The Nikkei Stock Average of 225 selected issues on the Tokyo Stock Exchange gained 120.28 points, or 1.25 percent, to close at 9,755.63. On Friday the index tumbled 320.27 points, or 3.22 percent.
On the Tokyo foreign exchange market, the dollar was trading at 117.56 yen at 5 p.m. (4:00 a.m. EDT) Monday, down 0.20 yen from late Friday and also below 117.65 yen it bought later that day in New York .
In stock trading, investors needing encouragement after the Nikkei's stumble found it on Wall Street, where a brokerage upgrade of Intel's earnings helped the market finish last week on a positive note. The Dow Jones industrial average rose 0.9 percent and the technology heavy Nasdaq composite index 1.1 percent Friday.
That gave a boost Monday to Japanese technology stalwarts NEC, Sony and Toshiba, which were joined in the rally by drugmakers including Taisho Pharmaceutical and other defensive stocks.
The broader Tokyo Stock Price Index rose 8.25 points, or 0.87 percent, to end at 954.03. The TOPIX, which includes more than 1,000 of Japan's largest companies, lost 28.36 points, or 3.13 percent, Friday.
An estimated 1.096 billion shares changed hands, down from 1.387 billion Friday.
Rising stocks outnumbered decliners 915 to 495, and 115 issues closed unchanged.
In the currency markets, the dollar was little changed against the yen, fluctuating between 117.55 yen and 117.81 yen during Tokyo trading hours.
Action was subdued ahead of a highly anticipated congressional appearance by U.S. Federal Reserve Chairman Alan Greenspan on Tuesday, traders said.
The euro bought $1.1260 late Monday, down from $1.1334 Friday. Against the yen, the euro was quoted at 132.39 yen, down from 133.51 yen.
The yield on the benchmark 10-year bond rose to 1.0000 percent from 0.9800 percent late Friday. Its price fell 0.18 point to 99.09.
Copyright © 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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