Originally created 08/19/04

Tokyo stocks end moderately higher, dollar down against yen

TOKYO -- Tokyo stocks ended moderately higher Wednesday on bargain-hunting in high-technology and banking stocks such as Pioneer and Mitsubishi Tokyo Financial Group. The U.S. dollar was down against the Japanese yen.

The Nikkei Stock Average of 225 issues closed up 48.29 points, or 0.45 percent, at 10,774.26 points Wednesday. On Tuesday, the index gained 38.16 points, or 0.36 percent.

The dollar was quoted at 109.92 yen at 5 p.m. (0800 GMT) Wednesday, down 0.44 yen from late Tuesday in Tokyo and also below the 110.02 yen it bought in New York later that day.

On the stock market, shares rose on bargain-hunting, mainly in bank and technology issues that have fallen in recent sessions.

Pioneer rose 2.4 percent, Ricoh increased 2 percent, and Advantest gained 1.9 percent. Among major banks, Mitsubishi Tokyo Financial added 2.7 percent while Sumitomo Mitsui rose 0.8 percent.

Still, demand was slack amid persistent concerns about the outlook for the Japanese and U.S. economies amid rising crude oil prices. Weakness in smaller company stocks popular among individuals also weighed on the market's mood, traders said.

"Since buying power is very weak, players are quick to take profits," said Koichi Seki, sales manager at Chuo Securities.

In New York Tuesday, shares gained on a better-than-expected Consumer Price Index reading.

The Dow Jones industrial average rose 18.28, or 0.2 percent, to 9,972.83. The Nasdaq composite index gained 12.41, or 0.7 percent, to 1,795.25.

In Tokyo Wednesday, the broader index of all issues on the Tokyo Stock Exchange's first section gained 4.95 points, or 0.45 percent, to close at 1,094.88 points. The TOPIX rose 5.29 points, or 0.49 percent, the day before.

On the bourse's first, or main section, advancers outpaced decliners 819 to 577, while 164 issues were unchanged.

Trading volume on the Tokyo Stock Exchange's First Section slipped to an estimated 847.23 million shares down from 853.20 million shares Tuesday.

In other currencies, the euro rose to $1.2362 late Wednesday in Tokyo from $1.2354 late Tuesday. Against the yen, the euro was down at 135.71 yen from 136.46 yen.

In the bond market, the yield on Japan's benchmark 10-year government bond fell to 1.5700 percent from 1.6000 percent late Tuesday. Its price rose 0.26 to 102.80 points.

On the Net:

Tokyo Stock Exchange: http://www.tse.or.jp


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