Tokyo stocks snap 4-day skid; TDK, DoCoMo firm
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sg.biz.yahoo.com
By Nathan Layne
TOKYO, March 27 (Reuters) - Tokyo stocks snapped a four-day losing streak on Wednesday, led higher by blue-chip exporters such as TDK Corp <6762.T> on fresh signs of strength in the U.S. economy, while a jump for NTT DoCoMo Inc <9437.T> also helped.
TDK, the world's top maker of magnetic heads for hard-disk drives, rose 5.13 percent to 7,170 yen after data on Tuesday showed U.S. consumer confidence at its highest level since August, bolstering hopes for a U.S.-led global economic rebound.
The benchmark Nikkei average <.N225> closed up 1.03 percent or 115.76 points at 11,323.68, while the capital-weighted TOPIX index <.TOPX> added 1.24 percent or 13.17 points to 1,077.32.
The Nikkei had lost five percent in the previous four sessions and is still five percent off a seven-month closing high of 11,919.30 marked on March 11. It is expected to find firm technical support at its 200-day moving average around 11,000.
"Given that Japan's economy is entering a recovery phase, I don't see much downside for stocks left," said Joji Maki, a senior director at Baring Asset Management Japan.
"But I think the domestic situation will continue to be relatively severe and would tilt my portfolio in favour of shares that will benefit most from a pick-up in external demand."
Baring Asset oversees 12 billion yen of investment trusts.
Trading was light with 559.16 million shares changing hands on the first section of the Tokyo Stock Exchange, slightly higher than Tuesday's 533.62 million, which was the lowest this year.
Gainers overwhelmed decliners 1,047 to 343. |
