Tokyo stocks end higher Thursday, US$ down

  • Business
  • Thursday, 05 Aug 2004

TOKYO (AP) - Tokyo stocks edged up Thursday as investors hunted for bargains following losses the day before.  

The U.S. dollar was down against the Japanese yen. 

The Nikkei Stock Average of 225 issues closed up 50.87 points, or 0.46 percent, at 11,060.89 points. On Wednesday, the index lost 130.55 points, or 1.17 percent. 

The dollar was quoted at 111.04 yen at 3 p.m. (0600 GMT) Thursday, down 0.28 yen from late Wednesday in Tokyo and below the 111.13 yen it bought in New York later that day.Tokyo stocks bounced back Thursday as investors looked for bargains.  

Technology issues, which suffered heavy selling Wednesday, led Thursday's rise.Matsushita Electric and NEC were among the gainers. 

But many investors avoided significant moves ahead of the U.S. Federal Reserve's policy-making meeting scheduled for Tuesday. 

The broader index of all issues on the Tokyo Stock Exchange's first section rose 2.09 points, or 0.19 percent, to close at 1,116.85 points. 

The TOPIX fell 12.27 points, or 1.09 percent, the day before. 

In New York, Wall Street waffled through an erratic session Wednesday, closing mixed as investors nervously watched oil prices but also allowed themselves to be encouraged by good economic news. 

Stocks moved in the opposite direction from oil prices for much of the day, declining until early afternoon as crude climbed to US$44.34 a barrel on the New York Mercantile Exchange. 

As oil fell below US$43 on the way to a US$42.83 close, Wall Street managed a late-session rally - but that advance quickly fizzled. 

The Dow Jones industrial average rose 6.27, or 0.1 percent, to 10,126.51.  

The Nasdaq composite index dropped 4.36, or 0.2 percent, to 1,855.06. 

In currencies, the dollar moved little against the yen and the euro Thursday as investors waited for Friday's U.S. nonfarm payrolls data to determine the near-term dollar movement. 

The euro rose to US$1.2062 Thursday afternoon in Tokyo from US$1.2023 late Wednesday.  

Against the yen, the euro was down at 133.78 yen from 133.82 yen. 

In the bond market, the yield on Japan's benchmark 10-year government bond fell to 1.7250 percent from 1.7850 percent late Wednesday. 

Its price rose 0.51 to 101.47 points. - AP

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