Tokyo markets open well, buoyed by earnings reports

October 20th, 2008 - 9:36 am ICT by IANS  

Tokyo, Oct 20 (DPA) Japan markets opened up Monday, largely over reports that company earnings may not be as bad as expected.The Nikkei 225 Stock Average rose 72.64 points, or 0.8 percent, to 8,766.46 at 9.36 a.m. The broader Topix index climbed 8.62, or 1 percent, to 902.91.

Sony Corp. advanced 2.3 percent, while Panasonic Corp. climbed 6.6 percent. Japan’s biggest steelmakers - Nippon Steel Corp. and JFE Holdings - were expected to boost annual earnings targets.

In currency markets, the dollar was quoted at 101.50-55 yen, up from Friday’s quote of 101.03-06 yen.

The euro remained almost unchanged and was quoted at $1.3442-47, compared to Friday’s $1.3444-47.

On Friday, Tokyo stocks climbed after an overnight surge on Wall Street to end trading up almost 3 percent as investors bought back shares battered by the previous day’s losses. The Nikkei jumped 235.37 points, or 2.78 percent, to close at 8,693.82.

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