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Tokyo stocks rise on fall in oil prices, strong US dollar - Summary

Posted : Mon, 18 Aug 2008 06:55:21 GMT
By : DPA
Category : Business
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Tokyo - Tokyo stocks closed higher Monday on a strong US dollar and a fall in oil prices. The Nikkei 225 Stock Average gained 146.04 points, or 1.12 per cent, to close at 13,165.45.

The broader Topix index of all first-section issues was also up 16.44 points, or 1.32 per cent, at 1,263.75.

The Tokyo market extended gains in afternoon trading as the US dollar, although it fell, stayed firmly above 110 yen, a level at which traders consider the yen weak, and a weaker yen helps boost the earnings of Japanese firms overseas.

On currency markets at midday (0300 GMT), the dollar was quoted at 110.19-24 yen, down from Friday's 5 pm quote of 110.33-34 yen.

The euro was quoted at 1.4725-30 dollars, down from Friday's 5 pm quote of 1.4733-34 dollars, and at 162.32-37 yen, down from 162.55-59 yen.

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