P.M. Briefing : Stocks Turn Up on Japan Market
Stock prices rose today, reversing early losses that were pinned to an embarrassing defeat for the ruling Liberal Democratic Party in Tokyo’s municipal elections on Sunday. But trading was the lightest of the year.
The key 225-share Nikkei index gained 287.73 points or 0.87% to close at 33,236.42, mirroring a 252-point drop early in the session. The index eased 7.62 points on Friday. Advances led declines by more than 2 to 1, with 620 issues higher, 289 lower and 162 unchanged.
Dealers said they were happy to get a clear answer on Sunday’s Tokyo Assembly election, even though the results showed an embarrassing defeat for the LDP.
“We say ‘an election is a gamble,’ ” said Masaharu Sakudo, managing director of Tachibana Securities. “The outcome is hard to predict, and investors don’t like that uncertainty.”
Much of the funds from investment trusts scheduled to enter the equity market last week did not appear as fund managers awaited the election results, brokers said.
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