Thursday January 27 1:36 AM ET
Japanese Stocks End Firmer, Led by Techs
TOKYO (Reuters) - The Tokyo stock market's benchmark Nikkei average rose on Thursday, boosted by buying of high-tech issues ahead of the start of new investment trusts and after Sony Corp posted upbeat earning results.
The Nikkei finished 98.53 points or 0.52 percent higher at 19,209.72.
But gains were limited as investors feared more volatility on Wall Street ahead of the February 1-2 meeting of the U.S. Federal Reserve's policy-setting committee, which is widely expected to vote to raise interest rates to cool the over-heated U.S. economy.
``Indices are really being pulled up by several large-cap, high-tech shares,' said Hiroyuki Nakai, an investment research officer at Nippon Global Securities. ``Financial stocks are also strong, although they're only being picked up by bargain hunters.'
March Nikkei futures rose 80 points to close at 19,180.
Sony, considered Japan's key high-tech issue, rose 770 yen or 3.02 percent to 26,250.
It reported after the stock market closed on Wednesday a group operating profit of 164.2 billion for the October-December quarter, down 10.2 percent from a year earlier. Most analysts had expected a steeper drop of at least 20 percent.
Other high-tech shares tracked Sony's performance in Thursday trade, with Fujitsu Ltd ending 90 yen or 2.34 percent higher at 3,940.
Internet investor Softbank rose 2,000 yen or 2.15 percent to 94,900, helped by news it will set up an online bank branch this year with Suruga Bank Ltd. |
