28 July 2005, 10:55  Tokyo shares close slightly higher on weak yen, earnings

Share prices closed slightly higher, with the weak yen against the dollar supporting some export-oriented counters, dealers said. They added that much of the market focus now is on a slew of corporate results that are coming out this week. The blue-chip Nikkei 225 Stock Average closed up 23.23 points or 0.2 pct at 11,858.31, posting gains for the second straight day. The broader-based TOPIX index of all First Section issues rose 2.75 points or 0.2 pct to 1,201.72. Gainers outnumbered decliners by 774 to 707, with 164 issues unchanged. Trading volume totalled 1.92 bln shares, up from 1.75 bln shares yesterday. The dollar stood at 112.44 yen when stock trading ended at 3:00 pm, compared to 112.46 yen earlier in Sydney and 112.41 yen in late New York trade overnight. "The forex market now seems to have absorbed the impact of the yuan revaluation, and the dollar/yen rate has returned to where it was. This is a good sign for Japanese companies," said Ryuta Otsuka, a strategist at Toyo Securities Co Ltd. The share prices of companies that reported disappointing earnings results such as Hitachi, Sanyo Electric and Seiko Epson lost ground, capping the market's upside.

© 1999-2024 Forex EuroClub
All rights reserved