Tokyo stocks rebound on Wall Street surge, strong dollar+
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[August 24, 2008]

Tokyo stocks rebound on Wall Street surge, strong dollar+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Aug. 25_(Kyodo) _ (EDS: TO BE LED)

Tokyo stocks rebounded Monday morning for the first time in five trading days with investors cheered by sharp gains in U.S. shares Friday and the U.S. dollar's strength versus the yen.

The 225-issue Nikkei Stock Average gained 232.98 points, or 1.84 percent, from Friday to 12,899.02, at one point approaching the 13,000 mark. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 23.77 points, or 1.95 percent, to 1,240.19.



Of the 33 sectors on the TSE, 31 advanced, led by rubber product, transport equipment and securities issues. The only decliners were mining and trading house issues.

"Buying was spurred by the surge in U.S. stocks," said Yumi Nishimura, deputy general manager of the global product planning department at Daiwa Securities SMBC Co., adding that falling oil prices also increased investor appetite.



One of the reasons behind the rise in New York stocks was the plunge of crude futures in New York to the $114 a barrel level Friday, reportedly marking the steepest single-day fall since January 1991.

News reports on the potential acquisition of struggling U.S. investment bank Lehman Brothers Holdings Inc. also propped up U.S. shares.

"With these issues on Lehman and mortgage finance giants Fannie Mae and Freddie Mac still unresolved, there remains the possibility that depending on the news that comes out in the market this week, Tokyo stocks will waver," Nishimura said.

"But for now, anxiety that stocks will fall further has eased," she added.

Buying of export-oriented issues increased as the U.S. currency traded at the lower 110 yen level Monday morning, up from the lower 109 yen level logged late Friday in Tokyo, brokers said.

Bargain hunters took the opportunity to buy equities after Tokyo stocks fell for the past four trading days since Tuesday.

Copyright ? 2008 Kyodo News International, Inc.

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