Nikkei gains 1.2 pc, led by technology stocks

By Staff
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Google Oneindia News


Tokyo, Aug 31: The Nikkei average rose 1.2 percent on Friday, led by Sony Corp and other high-technology shares as investors were encouraged by an overnight gain in the Nasdaq.

''In addition to technical moves, tech shares are being bought on the relatively stable yen and the Nasdaq's advance on Thursday,'' said Zenshiro Mizuno, senior managing director at Marusan Securities.

The Nikkei was up 190.78 points at 16,344.60 as of 0109 GMT.

The broader TOPIX index gained 0.86 percent or 13.51 points to 1,581.74.

Sony was up 3.8 percent at 5,490 yen, while Fujitsu Ltd jumped 5.8 percent to 787 yen.

Government data out before the open showing a 0.4 percent fall in Japanese industrial output in July had little impact on the market as investors are paying more attention global credit problems, said Tsuyoshi Segawa, equity strategiest at Shinko Securities.

The median market forecast had been for a 0.5 percent fall in output in July.

Shares of Rengo Co Ltd soared 5.8 percent to 711 yen after the Nikkei business daily reported that Japan's fourth-biggest paper maker plans to integrate its cardboard production with that of the second-biggest Nippon Paper Group Inc, whose shares were up 0.8 percent to 380,000 yen.


Reuters
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