Tokyo stocks close on high note
Japanese stocks closed at their highest in nearly two weeks yesterday as investors picked up recently pressured shares such as Sony Corp, encouraged by a softening yen and after news from Merrill Lynch prompted a rally on Wall Street.
Nippon Yusen KK and other shippers powered higher after the Nikkei daily reported a big rise in container rates.
But trade was thin and gains were limited as many institutional investors were away for Christmas holidays.
So far this year, the Nikkei average has lost 9.7 percent, while it ended 2006 with a 6.9 percent gain for the year.
Koichi Ogawa, chief portfolio manager at Daiwa SB Investments, said sell-off pressure seems to be disappearing although the market still lacks strength to advance much further.
"There isn't much reason to sell stocks with institutional investors away on holidays, New York stocks rebounding and the dollar solid," said Ogawa.
The Nikkei average could test 16,000 by the end of the year, he said.
The benchmark Nikkei average ended the day up 1.9 percent or 295.59 points at 15,552.59, the highest close since December 12.
Agencies
(China Daily 12/26/2007 page16)
