Tokyo stocks seen rising across board after US gains

TOKYO, Apr 23 (Reuters) Tokyo stocks are likely to post broad gains on Monday after better-than-expected U.S. earnings results pushed Wall Street higher and sent the Dow to a record high at the end of last week.

Nikkei futures pointed to a rise in the market. Contracts expiring in June finished at 17,625 in Chicago, a gain of 215 points from the close in Osaka ''The strength of overseas markets is a surprise,'' said Ken Masuda, senior dealer in equities at Shinko Securities.

''Tokyo was looking like it was in the midst of a correction, but there is no way we'll see a correction after the advance on Wall Street.'' Investors will also be paying attention to earnings results this week. Hoya Corp. and Kao Corp. will be among the firms reporting their results on Monday.

The Nikkei is likely to move between 17,400 and 17,650 on Monday, market participants said.

The Dow Jones industrial average rose 1.20 percent to end at 12,961.98, its third straight record close.

The Nasdaq Composite Index was up 0.84 percent.

STOCKS TO WATCH -- Kuroda Electric Co. Ltd.

Kuroda, a trader of electronic parts and machinery, lifted its net profit outlook for the year ended last month by 68.5 percent to 3 billion yen, citing better-than-expected sales in its auto parts, liquid crystal display and hard disk drive businesses.

-- Generic drug makers Sawai Pharmaceutical Co. and Towa Pharmaceutical Co Ltd.

Japan, seeking to lower medical costs for its fast-ageing population, aims to introduce new regulation next year that makes it easier for patients to choose generic drugs over branded ones, the Yomiuri newspaper reported on Sunday.

-- Toshiba Corp.

The electronics conglomerate will begin making flash memory chips using 43-nanometre technology as early as this business year to cut production costs, the Nikkei business daily reported on Saturday.

-- Nippon Steel Corp., JFE Holdings Inc.

Japan's top two steelmakers are expected to report record group profits for the business year ending in March 2008, the Nikkei daily said on Saturday.

-- Mizuho Financial Group Japan's second-biggest bank said on Friday it would redeem 185.5 billion yen of preferred securities issued in 2002.

-- Daiei Inc.

Japan's third-biggest retailer forecast a 36 percent profit fall in 2007/08 on Friday because of lower earnings from its credit card unit and a smaller number of subsidiaries.

The earnings announcement came out in late afternoon trade on Friday. Daiei's stock ended Friday up 2.6 percent at 1,570 yen.

-- Tokyo Steel Manufacturing Co.

Japan's biggest maker of construction-use steel said on Friday its profit would dip 30 percent this business year following a 38 percent plunge last year, hit by soaring prices of steel scrap, its raw material.

REUTERS SRS VP0520