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Tokyo stocks rise for 3rd day on stronger dollar, higher raw materials prices

Tokyo stocks rise for 3rd day on stronger dollar, higher raw materials prices

Tokyo stocks rose for a third straight day Thursday, with commodity-related shares gaining on higher raw material prices and electronics names buoyed by a stronger dollar against the yen.
The benchmark Nikkei 225 index advanced 200.54 points, or 1.5 percent, to 13,389.90.
While the index meandered in morning trading on renewed fears of a U.S. recession following comments by Federal Reserve Chairman Ben Bernanke, by afternoon investors were in a buying mood.
"The effect of the rising yen was strong enough to offset negative sentiment," said Hiroichi Nishi, general manager at Nikko Cordial Securities. He added that Bernanke also said he expects the economy to recover in the second half of this year. "The stock market tends to look ahead."
Toshiba was a big gainers after it said unit Westinghouse Electric Co. is in final talks to take orders from two U.S. power companies for next-generation nuclear power reactors. It rose 5.9 percent to 778 yen.
Other electronics share were also higher as the dollar climbed against the yen to 102.85 yen, the highest level since March 12. TDK rose 3.4 percent to 6,370 yen, and Nikon gained 4.1 percent to 3,030 yen.
Commodity-related shares benefited from a $12.40 rise in gold futures to $900.20 in New York. Inpex Holdings gained 4.5 percent to 1.16 million yen, and Sumitomo Metal Mining added 4.3 percent to 1,851 yen.
Automakers were among Thursday's losers. Toyota Motor shed 1.5 percent to 5,160 yen, and Honda Motor dropped 1 percent to 3,080 yen.
The Topix index of all the Tokyo Stock Exchange First Section issues rose 1.4 percent to 1,299.64.


Updated : 2021-10-26 14:50 GMT+08:00