6 July 2005, 11:09  Share prices closed little changed

Share prices closed little changed, the main index shedding gains it made in the morning session, when it was supported by retailers and exporters that stand to benefit from the weaker yen, dealers said. The Nikkei 225 Stock Average closed down 13.17 points or 0.1 pct at 11,603.53. The broader TOPIX index of all First Section issues finished up 0.22 point or 0.02 pct at 1,183.63. Decliners narrowly outnumbered gainers 738 to 716, with 193 issues unchanged, on volume of 1.3 bln shares, down from 1.41 bln shares yesterday. "Investors are responding more to the weaker yen rather than to high oil prices," said Kenichi Hirano, chief strategist at Tachibana Securities Co Ltd. "Japan doesn't need light oil so much. Many of us don't commute by car, like in the US, and energy efficiency in Japan is quite high," said Ryuta Otsuka, a strategist at Toyo Securities Co Ltd. The US dollar was quoted at 111.56 yen just after trading ended. In making their forecasts for the current financial year, large Japanese manufacturers have, on average, assumed an exchange rate of 103.95 yen to the dollar.

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