2 December 2005, 10:26  Tokyo shares close sharply higher

Share prices closed sharply higher, with the benchmark Nikkei 225 finishing at its richest level in more than five years, as investors snapped up shares of exporters like electronics firms with the dollar at over two-year highs against the yen and following a rally in US markets overnight, dealers said. The Nikkei 225 Stock Average closed up 291.10 points or 1.9 pct at its intraday high of 15,421.60. It was the index's best closing level since Oct 16 2000 when it finished at 15,512.32. The broader TOPIX index of all First Section stocks was up 23.91 points or 1.5 pct at 1,583.72. During the week, the Nikkei rose 4.3 pct while the TOPIX jumped 3.5 pct. Reflecting the upbeat mood, gainers overwhelmed losers 1,086 to 479, with 99 issues unchanged. Volume surged to 3.32 bln shares from 2.64 bln shares yesterday. "The overall market mood was lifted as both export-oriented electronics shares and domestic demand-oriented banks were bought actively," said Hideo Mizutani, a chief strategist at Sieg Securities. "This means that investors are expecting a further rise." Mizutani cited the upbeat mood surrounding the market amid a strong dollar which would boost earnings of Japanese exporters and continued growth in the US economy, Tokyo's major trading partner.

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