Japan stocks rally on financial shares
posted 5:03 am Mon April 21, 2008 - TOKYO
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Japanese stocks rallied Monday on gains in financial shares as investors took heart from Citigroup Inc.'s better-than-expected earnings results.The Nikkei 225 Stock Average rose 220.10 points, or 1.63 percent, to 13,696.55, surpassing the 13,500-mark for the first time since February. Traders said the Tokyo market also held firm on robust gains in exporters and a rally on Wall Street Friday, but added investors would likely trade with caution for the rest of the month ahead of earning reports from Japanese companies.
In the financial sector, Daiwa Securities rose 4.39 percent to 928 yen, while Mitsubishi UFJ financial group grew 3.47 percent to 1,045 yen.
High-tech maker Fujitsu also gained 5.12 percent to 718 and Mitsubishi Electric also added 5.01 percent to 985 yen.
The Topix index of all the Tokyo Stock Exchange First Section rose 27.45 points, or 2.1 percent, to 1331.51.
In currencies, the dollar little moved against the yen, standing at 103.81 yen midafternoon in Tokyo from 103.80 late Friday in New York. The euro edged up to 1.5826 from 1.5801.
In the financial sector, Daiwa Securities rose 4.39 percent to 928 yen, while Mitsubishi UFJ financial group grew 3.47 percent to 1,045 yen.
High-tech maker Fujitsu also gained 5.12 percent to 718 and Mitsubishi Electric also added 5.01 percent to 985 yen.The Topix index of all the Tokyo Stock Exchange First Section rose 27.45 points, or 2.1 percent, to 1331.51.
In currencies, the dollar little moved against the yen, standing at 103.81 yen midafternoon in Tokyo from 103.80 late Friday in New York. The euro edged up to 1.5826 from 1.5801.
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