Nikkei gains 1.2 pc, led by technology stocks
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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