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Tokyo stocks snap losing streak on bargain-hunting - Summary

Posted : Fri, 21 Nov 2008 06:36:15 GMT
Author : DPA
Category : Business
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Tokyo - Tokyo stocks snapped its losing streak to close Friday trading higher as investors bought back battered shares. The Nikkei 225 Stock Average rose 207.75 points, or 2.7 per cent, to close at 7,910.79.

The broader Topix index of all first-section issues was also up 20.41 points, or 2.57 per cent, to 802.69.

The Tokyo market lost more than 2 per cent in morning trading due to stronger yen and Wall Street's overnight plunges, but it erased early losses in the afternoon session with bargain-hunting.

For the week, Nikkei lost 6.52 per cent, and Topix fell 5.22 per cent.

On currency markets at midday (0300 GMT), the dollar was quoted at 94.33-38 yen, down from Thursday's 5 pm quote of 95.23-26 yen.

The euro was quoted at 1.2455-60 dollars, down from Thursday's 5 pm quote of 1.2507-09 dollars, and at 117.53-58 yen, down from 119.12-16 yen.

The Tokyo market will be closed Monday to substitute Sunday's Autumnal equinox national holiday. Trading will be resumed Tuesday.

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