to my surprise, 9984 currently down....maybe this explains it.
Nikkei firms, high-techs bask in Nasdaq afterglow
Reuters Company News - May 30, 2000 20:08
Jump to first matched term
TOKYO, May 31 (Reuters) - Tokyo stocks opened higher on Wednesday, as major high-tech shares rose strongly on the back of a record gain overnight by the U.S. Nasdaq composite index .
The benchmark Nikkei average started the day 45.24 points or 0.28 percent higher at 16,274.14 and firmed slightly in the first few minutes of trade.
"Although I'm not sure last nights rebound was the start of a sure recovery, the market has been looking a bit oversold and investors are anxious for an opportunity to come into the market again," said Kazunori Jinnai, general equities manager at Daiwa Securities SB Capital Markets. The Nasdaq jumped 7.94 percent, its biggest percentage gain ever, as investors decided over Monday's Memorial Day holiday that high-tech shares were oversold last week.
Investors also bought U.S. technology stocks on expectations economic data due out later this week will be benign and lower chances the Federal Reserve will raise rates aggressively, traders said.
High-tech manufacturing giant Sony Corp was bid-only at 10,070 yen in early trade, up from 9,970 yen at Tuesday's close. Hitachi Ltd rose 2.9 percent to 1,350 yen.
Internet investor Softbank Corp was bid-only at 18,420 yen against its close Tuesday at 18,020. But some traders said profit-taking may emerge in later trade from investors who have taken on cautious habits over the past few months of painful losses in high-techs.
Upside resistance on the Nikkei is seen at around 16,700.
June Nikkei futures rose 260 points to 16,560 by 0015 GMT. |
