Tokyo market ends higher on hopes of stock-boosting measures

March 4th, 2009 - 2:47 pm ICT by IANS  

Tokyo, March 4 (DPA) The Tokyo market snapped a two-day losing streak to close modestly higher Wednesday on reports about fresh stimulus measures in China and hopes of market-boosting measures by the Japanese government.The benchmark Nikkei 225 Stock Average rose 61.24 points, or 0.85 percent, to close at 7,290.96.

The broader Topix index of all first section issues was also up 5.24 points, or 0.72 percent, to 732.04.

The market opened lower Wednesday, extending losses after Wall Street declined overnight and concerns over domestic politics spread.

The market sentiment was pessimistic during morning trading after the US Dow Jones industrial average extended its losing streak to a fifth market day on persistent economic worries.

Domestic politics also put pressure on the market as Japanese police Tuesday arrested a secretary of Ichiro Ozawa, the president of the opposition Democratic Party of Japan, and others on suspicion of having received illegal corporate donations from a construction firm.

But investors put their hopes in Wednesday’s enactment of a bill to resume share-buying from banks and returned to buy mainly consumer finance, mining and rubber product issues.

On currency markets at midday (0300 GMT), the dollar traded at 98.44-49 yen, up from Tuesday’s 5 p.m. quote of 97.75-77 yen.

The euro traded at $1.2499-2504, down from late Tuesday’s quote of $1.2653-55, and at 123.10-15 yen, down from 123.69-73 yen.

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