Sunday November 8, 9:27 pm Eastern Time
(Note: this article is ''in progress''; there will likely be an update soon.)
Tokyo stocks firmer by midday on New York, yen
TOKYO, Nov 9 (Reuters) - Tokyo stocks maintained its firmer tone by midday on Monday as sentiment was supported by gains in New York shares on Friday and the yen's weaker tone against the dollar, traders said.
At midday, the benchmark Nikkei stock average was up 70.83 points, or 0.50 percent, at 14,192.80. December futures were up 10 at 14,200.
Short-covering was detected mainly in export-orientated, high-technology issues including Sony Corp , due to reduced concerns that their earnings would be hurt by the currency market, they said.
Activity was subdued as market players were wary of taking fresh positions amid caution the government may delay its tax cut plans, and were also waiting for fresh news concerning the unveiling of a government economic stimulus plan to be released on November 16, they said.
''Gains in the New York market on Friday are providing psychological support to Tokyo shares. But I don't think shares will continue rising because of the caution over the government action,'' said Kenji Karikomi, deputy general manager at Daiwa Securities.
On Friday, the Dow Industrial Average closed up 59.99 points at 8,975.46 as worries about the global economy and President Bill Clinton waned.
The dollar maintained its firm tone, standing above 119 yen in morning Tokyo trade on Monday.
Broader indices were mixed. TOPIC index was down 2.28 points or 0.21 percent to 1,087.19. The second section index was up 3.50 points or 0.32 percent at 1,094.57.
The Nikkei 300 was down 0.48 points or 0.22 percent at 216.61.
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