Business / Financial Markets | TSE DATA & REPORT

Tokyo stocks see slight rise

JIJI

Stocks closed marginally higher in directionless trading Monday amid a dearth of fresh market-moving incentives.

The Nikkei 225 average rose 17.34 points, or 0.08 percent, to end at 22,217.90. It gained 110.44 points Friday.

The Topix, which covers all first-section issues on the Tokyo Stock Exchange, closed 1.69 points, or 0.10 percent, higher at 1,618.62 after a gain of 1.96 points Friday.

Both indexes fluctuated around Friday’s closing levels before inching higher in late trading.

Investors retreated to the sidelines ahead of announcements of earnings by major Japanese and U.S. firms later this week, market sources said.

“Nonresidents and institutional investors were unable to move” ahead of the full-fledged earnings season, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc.

While indicating that active trading was held in check before the Golden Week holidays begin Saturday, Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co., noted that short-term players hunted stocks.

“Domestic demand-oriented issues attracted repurchases with investors expecting demand to grow during the holiday period,” said Hiroaki Hiwada, a strategist at Toyo Securities Co.

Falling issues outnumbered rising ones 1,058 to 976 in the first section, while 106 issues were unchanged.

Volume dropped to 869 million shares from 928 million Friday.

Daiwa House jumped 6.82 percent with investors taking heart from an upward revision in its operating profit forecast for the year ended last month.

Convenience store operator FamilyMart Uny, optical equipment maker Olympus and drugmaker Eisai were among other major winners.

By contrast, Shima Seiki sagged 1.71 percent after the knitting machine maker cut its operating profit estimate for the year ended in March.

Also sold were advertising agency Dentsu, chipmaking gear maker Tokyo Electron and technology investor SoftBank Group.