Tokyo stocks mixed, gains on Wall St. rise pared by earnings caution+
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[October 23, 2009]

Tokyo stocks mixed, gains on Wall St. rise pared by earnings caution+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Oct. 23_(Kyodo) _ (EDS: TO BE LED) Tokyo stocks were mixed Friday with the key Nikkei index clinging onto marginal gains following rises on Wall Street, while investors cautiously awaited key Japanese corporate earnings reports next week.



Largely trimming early gains, the 225-issue Nikkei Stock Average closed up 15.82 points, or 0.15 percent, from Thursday to 10,282.99. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 6.57 points, or 0.72 percent, to 902.03 as losses expanded in afternoon trading.

Gainers were led by food, consumer finance and construction issues. Major decliners included the air transport, insurance and banking sectors.



The market was in positive territory at the outset on bolstered investor confidence after stronger-than-expected third-quarter earnings such as from MacDonald's Corp. and 3M Co. lifted U.S. stocks Thursday, brokers said.

The U.S. dollar's appreciation to around the mid-91 yen level was also a support for the market.

"But there was a lack of further buying incentives to sustain momentum afterward, and investors found it difficult to chase the market higher given uncertainties in Japanese politics under the new government," said Hiroichi Nishi, equity manager at Nikko Cordial Securities Inc.

Trading was in a cautious mood with investors waiting for the interim Japanese earnings report season that gets into full swing next week, as they seek fresh cues from projections for the fiscal year through March in the reports, brokers said.

Exporters such as auto and electronics makers mostly lost ground despite the weaker yen. "Earlier fears of the dollar breaking below the 90 yen line again soon have eased, but the currency remained weaker than exporters' average assumed rate (of around 94.50 yen) and wariness among investors remains rather strong," a Japanese brokerage strategist said.

(c) 2009 Kyodo News International, Inc.

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