Velo
Friday March 30, 12:27 am Eastern Time
Tokyo stocks pare gains in jittery year-end trade
TOKYO, March 30 (Reuters) - Tokyo stocks trimmed gains by midafternoon on Friday as traders were discouraged by what they considered an insufficient rise earlier after anticipating hefty buying by public funds on the last day of the business year.
``People bought shares this morning, counting on a much higher market on the back of year-end 'window dressing'. Those hopes were unfulfiled, at least so far,'' said Hiroshi Sato, equities general manager at Cosmo Securities.
That prompted earlier buyers to unwind their long positions, traders said.
PC and chip maker Toshiba Corp , which was among the issues that benefited from such buying in the morning, was down 1.22 percent at 731 yen. They rose more than two percent in the morning.
The benchmark Nikkei average was up 18.03 points or 0.14 percent at 13,090.39 at 0504 GMT, while the capital-weighted TOPIX index (^TOPX - news) was down 0.20 points or 0.02 percent at 1,285.00.
The Nikkei ended the morning session up 2.45 percent. |
