Sunday, December 28, 2008

Tokyo stock rebound 0.97 percent

TOKYO, Dec. 25 (Chinese media) -- Tokyo stocks rebounded moderately Thursday on bargain hunting.



The benchmark 225-issue Nikkei Stock Average gained 82.40 points, or 0.97 percent, from Wednesday to 8,599.50.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 9.03 points, or 1.09 percent, to 836.02.

Major gainers included sea transport and insurance. Among the decliners were forestry and fishery, gas and electric, and retail issues.

Tokyo stocks were stronger on overnight rally on Wall Street after five straight days of declines, and many investors stepped in for bargain hunting. However, the gains are limited amid light Christmas trading.

Auto shares halted losing streak. Toyota Motor rose 65 yen, or over 2 percent, to 2,845 yen, despite the automaker's announcement Monday that it is expecting its first-ever group operating loss in fiscal 2008 in 71 years and data released Wednesday showing that Toyota's global auto output fell, marking the steepest fall since 1988.

On the First Section, advancing issues outnumbered declining issues 1,018 to 546, with 120 others remaining unchanged.

Trading volume on the main section came to 998.32 million shares, down from Wednesday's 1,532.29 million.

The TSE's Second Section index was up 3.50 points, or 0.18 percent, to 1,906.72 on a volume of 42.79 million shares. On the Osaka Securities Exchange, the near-term March Nikkei 225 index futures contract was up 110 points to 8,660.

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