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Japanese shares post modest gains
posted 5:03 am Thu May 22, 2008 - TOKYO
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Japanese shares rose Thursday but buying sentiment was modest amid fresh worries over inflation as skyrocketing oil prices hit a record above $135 a barrel.The benchmark Nikkei 225 index climbed 52.16 points, or 0.37 percent, to 13,978.46. "The market was supported by gains in banking and oil-related stocks in the afternoon session," said Kazuhiro Takahashi, general manager at Daiwa Securities SMBC Co. Ltd.
"But overall sentiment was weak due to concern over inflation" as oil prices hit a record above $135 a barrel on Wednesday. "Investors were trading with caution to see whether oil prices will peak out soon," he said.
Apart from the oil factor, an overnight fall on Wall Street also dampened sentiment, he said.
Nippon Oil Corp., Japan's largest oil refiner, rose 5.3 percent to 833 yen. Nippon Mining Holdings Inc., Japan's top copper producer, grew 4.2 percent to 720 yen.
Japan's financial giant, Mizuho Financial Group., rose 2.9 percent to 529,000 yen, while Mitsubishi UFJ Financial Group Inc. gained 0.9 percent to 1,017 yen.
Troubled Sanyo Electric Co. lost 4.9 percent to 273 yen despite earnings results showing profit in the fiscal year through March for the first time in four years. The company announced the results before the market close.
The Topix index of all the Tokyo Stock Exchange First Section added 9.58 points, or 0.7 percent, to 1,379.67.
In currency trading, the dollar was quoted at 103.06 yen midafternoon in Tokyo, up from 102.97 yen in New York late Wednesday. The euro stood at $1.5772, compared with $1.5780 in New York.
"But overall sentiment was weak due to concern over inflation" as oil prices hit a record above $135 a barrel on Wednesday. "Investors were trading with caution to see whether oil prices will peak out soon," he said.
Apart from the oil factor, an overnight fall on Wall Street also dampened sentiment, he said.Nippon Oil Corp., Japan's largest oil refiner, rose 5.3 percent to 833 yen. Nippon Mining Holdings Inc., Japan's top copper producer, grew 4.2 percent to 720 yen.
Japan's financial giant, Mizuho Financial Group., rose 2.9 percent to 529,000 yen, while Mitsubishi UFJ Financial Group Inc. gained 0.9 percent to 1,017 yen.
Troubled Sanyo Electric Co. lost 4.9 percent to 273 yen despite earnings results showing profit in the fiscal year through March for the first time in four years. The company announced the results before the market close.
The Topix index of all the Tokyo Stock Exchange First Section added 9.58 points, or 0.7 percent, to 1,379.67.
In currency trading, the dollar was quoted at 103.06 yen midafternoon in Tokyo, up from 102.97 yen in New York late Wednesday. The euro stood at $1.5772, compared with $1.5780 in New York.
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