Nikkei rises over two pct after opening lower
TOKYO, Sept 7 (Reuters) - Tokyo's key Nikkei average rose more than two percent in early morning trade, after opening moderately lower.
Traders said that the average was boosted by active buying in futures, aiming to take short-term gains, which induced futures-linked buying in the cash stock market.
As of 0038 GMT, the benchmark Nikkei average was up 349.10 points or 2.49 percent at 14,392.01. The average briefly slipped as low as 13,912.69 soon after the opening.
Nikkei September futures stood 400 points higher at 14,400.
''Since the New York stock market will be closed tonight, speculative buying appeared to jump in the market,'' said a senior broker at a Japanese securities house.
Soon after the opening, the Nikkei average slipped below the psychologically significant 14,000 level on continuing worries over global financial woes, traders said.
On Friday, the Dow Jones industrial average closed down 41.97 points or 0.55 percent at 7,640.25, after recovering sharply from the day's low. |
