Tokyo stocks end marginally higher

June 23, 2014 - 10:42:17 am

TOKYO: Tokyo stocks closed 0.13 percent higher on Monday as late profit-taking eroded early gains spurred by record-setting advances on Wall Street.

The Nikkei 225 index added 19.86 points to end at 15,369.28. The Topix index of all first-section issues was down 0.11 percent, or 1.44 points, to 1,267.48.

"The buying spree is continuing, with domestic pension fund managers' appetite looking strong. This is forcing overseas investors to commit to the market as well, or risk being left out of the rally," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.

"It's difficult to say where the limit lies, however, since most of the technical indicators already show an over-bought market that is trading well above its major moving averages," he told Dow Jones Newswires.

In late trading, some players locked in profits after the dollar edged down to 101.96 yen Monday afternoon from 102.06 yen in New York Friday.

Shares in Mitsubishi Heavy Industries climbed 1.26 percent to 638 yen after France's Alstom chose a $16.8-billion deal with General Electric to sell part of its business, over a joint bid from Mitsubishi and Germany's Siemens.

Honda fell 0.63 percent to 3,602 yen after Honda said it would recall more than two million vehicles worldwide over an airbag defect that could pose a fire risk.

Nissan, which will also recall cars due to an airbag defect, was down 1.50 percent at 984 yen following media reports that it would start production of luxury cars at a Mexican plant with Germany's Daimler.

On Friday, US stocks edged to fresh records with optimism over the US economy offsetting worries over turmoil in Iraq.

The Dow rose 0.15 percent and the broad-based S&P 500 advanced 0.17 percent. (AFP)

     

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