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Monday March 13, 11:24 AMTokyo stocks surge in morning after U.S. shares rally, yen falls(Kyodo) _ Tokyo stocks rose sharply Monday morning following a strong rally in U.S. shares on Friday and the dollar's rise against the yen.The 225-issue Nikkei Stock Average rose 218.45 points, or 1.36 percent, in the morning to 16,334.08 after advancing to as high as 16,375.05. The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange gained 25.38 points, or 1.54 percent, to 1,672.65. The Tokyo market got off to a strong start after the rally in U.S. stocks on Friday as a February jobs report revived optimism about the U.S. economic outlook. Helped by gains in a broad range of issues, the key stock indexes climbed solidly following their second straight day of rises. "The market was encouraged by Friday's gains in U.S. stocks," said Yutaka Miura, deputy head of the equity information division at Shinko Securities Co. "Also carrying over late last week's strong market sentiment, players tested higher prices." Brokers said the market was also buoyed as last week's major market events, including the Bank of Japan's policy-setting meeting, the fixing of special quotations for settling March index futures and options contracts, and a February U.S. employment report, ended without a hitch. Export-oriented automaker and high-tech issues performed strongly following the dollar's rise to the lower 119 yen level. Toyota Motor gained 90 yen to 6,380 yen and Honda Motor went up 140 yen to 7,190 yen. Meanwhile, Sony, Fujitsu, Sharp and TDK also gained ground. Other major advancing stocks were textile, warehousing and brokerage issues. Advancing issues beat declining ones 1,493 to 146 with 56 shares ending the morning unchanged. But Shinko's Miura was skeptical over further strong gains in Tokyo issues, citing the morning session's low turnover. "With few market events that could serve as a buying incentive scheduled this week in Japan, performance here is likely to be largely vulnerable to that of the U.S. market," he said. Trading volume on the TSE's main section shrank to 821.22 million shares from Friday morning's 1,664.32 million shares. Mizuho Financial Group was the most heavily traded issue by value. It surged 8,000 yen to 945,000 yen. Sansui Electric was the morning's volume leader, up 2 yen to 28 yen. The TSE's Second Section index rose 50.34 points, or 1.04 percent, to 4,895.91 on a volume of 61.73 million shares. In Osaka, the near-term June Nikkei 225 index futures contract rose 240 points to 16,250. |
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