Tokyo stocks seen rebounding, techs could gain

By Staff
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TOKYO, Jan 11 (Reuters) Japanese stocks are seen recovering on Thursday, with shares of technology firms gaining ground after similar U.S. firms rose and as investors bet that the previous session's sell-off was overdone.

Nikkei futures contracts pointed to a rise in the market. In Chicago, Nikkei futures expiring in March finished at 17,000, 50 points above their close in Osaka ''Right now, technical indicators show the market is in a good place for a rebound,'' said Hideyuki Suzuki, investment information manager at SBI Securities.

The Nikkei is likely to move between 16,900 and 17,100 on Thursday, market participants said. The benchmark fell 1.7 percent on Wednesday, hitting its lowest in three weeks.

U.S. stocks rose on Wednesday, with the Nasdaq Composite Index rising 0.63 percent to close at 2,459.33.

STOCKS TO WATCH -- Asahi Glass Co. Ltd. T> The glass maker will likely post a 30 percent rise in group operating profit this year to about 175 billion yen, the Nikkei newspaper reported on Thursday.

-- TV Tokyo Corp. T> The TV broadcaster said on Wednesday that billionaire investor activist Eitaro Itoyama had raised his stake to 10.61 percent in terms of voting rights, up from 9.55 percent in December.

-- Matsushita Electric Industrial Co. Ltd. T> The maker of Panasonic products said on Wednesday it would aim to boost operating profit by nearly 80 percent over the next three business years as it expands sales of key products such as plasma televisions, digital cameras, car electronics and microchips.

-- Tokyo Electron Ltd.

The chip equipment maker said on Wednesday its chip and flat panel display-making equipment orders in the October-December quarter fell 5.1 percent from the previous quarter to about 197 billion yen.

-- Credit Saison Co. and Softbank Corp. T> Card issuer Credit Saison will work together with mobile phone operator Softbank to issue a credit card that allows users to accumulate points that can be used to purchase goods offered by the Softbank group, the Nikkei newspaper said on Thursday.

Reuters DKS VP0517

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