Tokyo stocks open modestly higher on bargain-hunting

November 17th, 2008 - 10:13 am ICT by IANS  

Tokyo, Nov 17 (DPA) Tokyo stocks opened modestly higher Monday as investors bought back battered shares, but gains were capped due to anxiety over the slowdown of Japan’s economic growth.The Nikkei 225 Stock Average edged up 98.8 points, or 1.17 percent, to 8,561.19.

The broader Topix index of all first-section issues was also up 6.31 points, or 0.75 percent, to 853.22.

The government announced Monday that the nation’s economy shrank at an annualised rate of 0.4 percent in real terms in the July-September period.

The gross domestic product (GDP) fell 0.1 percent during the three months from the previous quarter, the government said.

On currency markets at 9 a.m., the US dollar was quoted at 96.19-24 yen, down from Friday’s 5 p.m. quote of 96.87-90 yen.

The euro was quoted at $1.2518-23, down from Friday’s 5 p.m. quote of $1.2706-09, and at 120.45-55 yen, down from 123.11-15 yen.

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