Nikkei edges up following gains in Wall Street

Subscribe to Oneindia News

TOKYO, Oct 23 (Reuters) Japan's Nikkei average edged up 0.2 percent on Tuesday, led by Honda Motor Co Ltd and Toyota Motor Corp following gains on Wall Street.

But the gains were seen as limited amid a shortage of strong stocks, and the Nikkei dipped at one point.

''The market lacks power. There are not many solid factors to trade on,'' said Masayoshi Okamoto, head of dealing at Jujiya Securities.

As of 0120 GMT, the benchmark Nikkei rose 31.69 points to 16,470.16.

Major banks, including Sumitomo Mitsui Financial Group Inc rose, helping push up the broader TOPIX index, which rose 0.6 percent to 1,571.87.

Sumitomo Mitsui Financial Group gained 3.0 percent to 857,000 yen.

Shares of Sharp Corp reversed earlier losses to gain 1.6 percent to 1,852 yen after the world's No. 1 maker of solar cells said its first-half operating profit likely slipped 12.4 percent from a year earlier, falling short of market expectations, on tight supplies and higher prices of materials used to make solar cells.

Shares in drug maker Kyowa Hakko Kogyo Co tumbled 4.0 percent to 1,323 yen, a day after brewer Kirin Holdings Co confirmed a TOKYO, Oct 23 (Reuters) Japan's Nikkei average edged up 0.2 percent on Tuesday, led by Honda Motor Co Ltd and Toyota Motor Corp following gains on Wall Street.

But the gains were seen as limited amid a shortage of strong stocks, and the Nikkei dipped at one point.

''The market lacks power. There are not many solid factors to trade on,'' said Masayoshi Okamoto, head of dealing at Jujiya Securities.

As of 0120 GMT, the benchmark Nikkei rose 31.69 points to 16,470.16.

Major banks, including Sumitomo Mitsui Financial Group Inc rose, helping push up the broader TOPIX index, which rose 0.6 percent to 1,571.87.

Sumitomo Mitsui Financial Group gained 3.0 percent to 857,000 yen.

Shares of Sharp Corp reversed earlier losses to gain 1.6 percent to 1,852 yen after the world's No. 1 maker of solar cells said its first-half operating profit likely slipped 12.4 percent from a year earlier, falling short of market expectations, on tight supplies and higher prices of materials used to make solar cells.

Shares in drug maker Kyowa Hakko Kogyo Co tumbled 4.0 percent to 1,323 yen, a day after brewer Kirin Holdings Co confirmed a $2.6 billion bid to take control of Kyowa Hakko.

Fujitsu Ltd rose 3.0 percent to 841 yen after the chips-to-computers electronics maker lifted its first-half operating profit by 120 percent on brisk sales of its servers, mobile phones and PCs.

Reuters AK VP0707 .6 billion bid to take control of Kyowa Hakko.

Fujitsu Ltd rose 3.0 percent to 841 yen after the chips-to-computers electronics maker lifted its first-half operating profit by 120 percent on brisk sales of its servers, mobile phones and PCs.

Reuters AK VP0707

Please Wait while comments are loading...