Good news coming from Japan, Stan.
Tokyo's Nikkei rises two pct on chip rally
Tuesday November 5, 8:35 AM
sg.news.yahoo.com
TOKYO, Nov 5 (Reuters) - Tokyo's Nikkei average jumped more than two percent by mid-morning on Tuesday after Tokyo Electron Ltd and other tech issues chased a five percent rally in the U.S. Nasdaq index over the previous two trading days.
Rising hopes for an interest rate cut when the Federal Reserve meets on Wednesday, and a ruling that upheld Microsoft Corp's settlement with government regulators helped send U.S. stocks higher, luring buyers to tech stocks in Japan.
The Nikkei average was up 2.18 percent or 189.67 points at 8,875.39 by 0037 GMT, while the broader TOPIX index
put on 1.69 percent or 14.64 points to 881.53.
"Money is flowing into the tech sector on the Wall Street rally, but volume is still thin and the Nikkei is not ready to challenge the 9,000 mark," said Terushi Hirotama, head of trading at Ichiyoshi Securities.
The Japanese stock market was closed on Monday for a public holiday. On Friday and Monday, the Philadelphia semiconductor index shot up more than 10 percent in total.
Chip equipment maker Tokyo Electron surged 8.23 percent to 5,390 yen, while electronics giant Sony Corp rose 2.63 percent to 5,470 yen.
tokyo.equities.newsroom@reuters.com)) |
