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Tokyo stocks open slightly lower, hit by profit-taking.

TOKYO, Feb. 8 Kyodo

Stocks opened slightly lower on the Tokyo Stock Exchange on Tuesday, with investors taking profits in major banks and select high-tech companies following strong gains the previous day.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average lost 18.72 points, or 0.16 percent, to 11,481.14. The broader Tokyo Stock Price Index of all First Section issues was down 0.39 point, or 0.03 percent, to 1,154.03. The Second Section advanced.

After making a strong comeback Monday, Tokyo stocks reversed course as investors were afraid of chasing higher prices amid a lack of buying incentives, brokers said.

But buy orders placed before the opening by foreign brokerages exceeded sell orders for the first time in three trading days, with select high-tech issues attracting buying in particular, according to brokers.

On Monday, the Nikkei index jumped 139.46 points, or 1.23 percent, to close at 11,499.86, its highest close since Jan. 11, when it ended at 11,539.99. The TOPIX gained 8.91 points, or 0.78 percent, to 1,154.42. It was also the highest close since Jan. 11, when it ended at 1,157.30.
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Publication:Japan Weekly Monitor
Date:Feb 14, 2005
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