Tokyo stocks open moderately higher.
Share prices in Tokyo opened moderately higher Friday, as investors bought back stocks on dips after the key Nikkei index once slipped below 16,000 Thursday for the first time in seven weeks. In the first 15 minutes of trading, the 225-issue Nikkei average rose 32.11 points, or 0.20%, to 16,232.10. The Tokyo Stock Price Index (TOPIX) of all First Section issues added 5.27 points, or 0.40%, to 1,307.14. In contrast, the Second Section was lower. Export-oriented blue chips were up, supported by the U.S. dollar's strength against the yen. Mazda Motor rose sharply after it announced Thursday the posting of its first consolidated net profit in six years for fiscal 1998. Haseko was the most heavily traded issue in early trading. The condominium builder marked a sharp gain on a report its creditor banks have agreed to waive about 350 billion yen in claims.
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|Publication:||Japan Weekly Monitor|
|Date:||May 24, 1999|
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