UPDATE1: Tokyo stocks up for 3rd day as eurozone concern eased.TOKYO, July 30 Kyodo
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Tokyo stocks rose for the third straight trading session Monday as concern eased about the eurozone sovereign debt crisis and its impact on the global economy following a pledge by German and French leaders to protect the euro, but Japan's disappointing industrial production data capped gains.
The 225-issue Nikkei Stock Average Nikkei stock average
Applies mainly to international equities. Price-weighted average of 225 stocks of the first section of the Tokyo Stock Exchange started on May 16, 1949. Japanese equivalent of the US Dow. ended up 68.80 points, or 0.80 percent, from Friday at 8,635.44. The broader Topix index of all First Section issues on the Tokyo Stock Exchange Tokyo Stock Exchange
Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. finished 5.30 points, or 0.73 percent, higher at 731.74.
Gainers were led by the rubber products, pulp and paper, and insurance sectors. Decliners included the electricity and gas, iron and steel, and mining sectors.
Buying predominated as investors became less risk-averse on reports late last week that German Chancellor Angela Merkel and French President Francois Hollande agreed during telephone talks to take measures to make preparations; to provide means.
See also: measure to protect the euro, brokers said.
"The teleconference followed similar comments by European Central Bank President (Mario) Draghi. Now there are strong hopes for some sort of action," said Hiroichi Nishi, equity division manager at SMBC Nikko Securities Inc.
Stocks were top-heavy, however, as worse-than-expected Japanese industrial production data for June, released by the government before the opening bell, dampened investor sentiment, the brokers said.
The industrial production index fell a seasonally adjusted 0.1 percent from the previous month to 92.1, the third consecutive month of decline.
Investors also refrained from further buying ahead of a slew of key events this week, such as European Central Bank and the U.S. Federal Reserve board meetings, as well as the release of first-quarter earnings results by major companies including Toyota Motor Co., brokers said.
"The market's top concern for now is what the ECB See electronic code book. and the Fed will do," said SMBC's Nishi.
Hitachi Tool Engineering shot up 90 yen or 11.9 percent to 844 yen, after the announcement that the manufacturer of automobile-related tools will become a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Hitachi Metals Ltd.
Foster Electric, a manufacturer of speaker parts, surged 121 yen or 11.3 percent to 1,194 yen, after it revised up its operating profit forecast by 3.3 percent for the business year to March 2013.
Komatsu ended at 1,731 yen, down 32 yen or 1.8 percent, after the Nikkei business daily reported at the weekend that the construction machinery maker is expected to see a roughly 20 percent decline in its group operating profit for the April-June period.
Declines in power companies were notable amid persistent concern about their earnings, as most of the nuclear plants in Japan remain idled amid nationwide protests against their resumption in the wake of the Fukushima nuclear crisis.
Kansai Electric Power fell 70 yen or 11.2 percent to 555 yen, and Tohoku Electric Power slumped 70 yen or 12.9 percent to 474 yen.
On the First Section, rising stocks outnumbered decliners 1,247 to 312 with 106 others unchanged.
Trading volume fell to 1,449.21 million shares from Friday's 1,665.06 million shares.