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LEAD: Tokyo stocks edge up after choppy trade, Japanese earnings eyed+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, July 23_(Kyodo) _ (EDS: ADDING DETAILS AND PRICES) Tokyo stocks rose slightly Thursday morning after fluctuating in a narrow range amid a mix of profit-taking and buying on upbeat economic hopes, while overall sentiment remains tentative before the Japanese interim earnings season begins to peak. The 225-issue Nikkei Stock Average gained 12.81 points, or 0.13 percent, from Wednesday to 9,735.97. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 0.88 point, or 0.10 percent, to 907.46. Gainers were led by rubber products, nonferrous metals, and glass and ceramics issues. Major decliners included mining, insurance and real estate issues. Amid a lack of strong trading cues, stocks started on a weak note with some investors taking profits from the Nikkei's 7.4 percent rise on a six-day winning streak through Wednesday. The weak dollar, staying below Japanese exporters' average assumed rate of around 95 yen, also weighed on the market, brokers said. Meanwhile, losses were offset as "hopes for an economic recovery remain strong" and some investors bought on the anticipation of a further rise in the near term, said Fumiyuki Nakanishi, chief equity strategist at SMBC Friend Securities Co. "The market is likely to be stuck around (the Nikkei's) 9,700 for the rest of the day, hemmed in a narrow range of about 50 points," Nakanishi said. Trading was thin as many market players stayed on the sidelines and awaited a slew of key Japanese second-quarter corporate earnings results, starting with telecommunications operator KDDI Corp. later Thursday, for a clearer outlook on economic prospects, the brokers said. While the broader New York market slipped overnight, Japanese technology shares tracked their U.S. peers' gains after the Nasdaq Composite Index rose for the 11th straight day. NEC climbed 13 yen, or over 4 percent, to 313 yen, while Fujitsu rose 18 yen, or more than 3 percent, to 543 yen. On the First Section, declining issues slightly outnumbered advancing ones 762 to 714, with 202 others ending the morning unchanged. Sumitomo Metal Mining gained 18 yen, or over 1 percent, to 1,403 yen as investors hunted for nonferrous metal issues after gold and copper future prices rose in overseas markets. Electrical machinery maker Meidensha, the morning value leader, surged 56 yen, or almost 11 percent, to 584 yen. Volume leader Mizuho Financial Group was up 1 yen, or about half a percent, to 204 yen. Meanwhile, investors took quick gains in food and other defensive shares after recent rallies, sending Yakult Honsha down 45 yen, or over 2 percent, to 1,789 yen. Other decliners that succumbed to profit-taking included Sompo Japan Insurance, down 11 yen, or almost 2 percent, to 592 yen, and real estate developer Mitsui Fudosan, down over 1 percent. Trading volume on the main section came to 917.50 million shares, down from Wednesday morning's 959.48 million. The TSE's Second Section index was down 0.50 point, or 0.02 percent, to 2,186.84 on a volume of 15.82 million shares. On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract was up 10 points to 9,740. (c) 2009 Kyodo News International, Inc. |