Tokyo share prices managed to eke out a modest gain Friday, thanks to government officials’ warnings against speculative selling and buying support by public fund managers.The 225-issue Nikkei average plunged below the 13,000 level briefly for the first time in 12 years and eight months before ending the day at 13,223.69, up 26.57 from Thursday’s close.The key market gauge hit 12,973.24 at one time in early trading amid fears of contagion from tumbles on Wall Street and other overseas markets.The rally snapped a three-day losing string. Still, few analysts sounded an optimistic note, calling the rebound technical.Brokerage officials attributed the rebound to public buying support and government leaders’ indicated moves to restrict speculative dealings, including short-selling.There were indications that the Nikkei’s fall below the crucial support line prompted public pension fund managers to move in to help shore up the falling market, brokerage officials said.Given lingering worries about the ailing banking system and bleak economic and corporate earnings prospects, it appears unlikely that the Tokyo market will stage a strong rebound anytime soon, said Masaaki Higashida, an analyst with Nomura Securities Co.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.