29 November 2005, 11:04  Tokyo shares close mixed as bargain-hunting offsets profit-taking

Share prices closed the session mixed, with the effect of profit-taking and losses in the New York markets overnight offset to a degree by bargain-hunting among domestic-demand-related shares. The benchmark Nikkei 225 stock average finished the day down 59.24 points or 0.4 pct at 14,927.70, off an intra-day low of 14,868.03. Yesterday, the blue-chip marker ended up 202.65 points or 1.4 pct at 14,986.94, its highest close since Dec 13, 2000. But the TOPIX was up 1.14 points or 0.1 pct at 1,544.57. Gainers beat losers 1,029 to 540, with 95 issues unchanged, on volume of 2.08 bln bln shares. "The Nikkei succumbed to bouts of profit-taking today, after the 225 stock index surged to near the key 15,000 level yesterday. A weaker tone on Wall Street also provided investors with justification to sell stocks," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. Shinko Securities senior strategist Yutaka Miura said some investors actively purchased domestic-demand-led shares, including banks and property developers. Akino said that overall market sentiment remained upbeat, and that he expects the Nikkei to climb above the 15,000 level by the end of the year. Dealers said that indicators released ahead of the opening bell failed to inspire the market. Industrial production rose a seasonally adjusted 0.6 pct in October month-on-month and the jobless rate rose to 4.5 pct last from 4.2 pct in September.

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