Tokyo stocks end higher on bargain-hunting

January 14th, 2009 - 2:31 pm ICT by IANS  

Tokyo, Jan 14 (DPA) Tokyo stocks closed modestly higher Wednesday as investors bought back previous day’s battered-shares, but gains were limited due to lingering economic worries.The Nikkei 225 Stock Average was slightly up 24.54 points, or 0.3 percent, at 8,438.45.

The broader Topix index of all First Section issues also rose 5.27 points, or 0.65 percent, to 819.39.

Stocks lost more than 4 percent the previous day on the stronger yen and Sony Corp’s expected operating loss.

But as investors bought back mainly export-oriented issues, the market closed slightly higher Wednesday.

On the currency markets at midday (0300 GMT), the dollar was quoted at 89.45-50 yen, up from Tuesday’s 5 p.m. quote of 89.25-28 yen.

The euro was quoted at $1.3265-70, down from Tuesday’s 5 p.m. quote of $1.3271-74, and at 118.69-74 yen, up from 118.47-51 yen.

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