Tokyo stocks post further gains on issue buybacks

Jiji Press TOKYO (Jiji Press) — Stocks gained further ground on the Tokyo Stock Exchange Monday, supported by buybacks of domestic demand-oriented issues.

The closely watched 225-issue Nikkei average ended up 56.79 points, or 0.26 percent, at 21,835.53, after gaining 118.46 points on Friday.

The TOPIX index of all First-Section issues climbed 6.86 points, or 0.40 percent, to close at 1,736.22. It rose 10.84 points the previous trading day.

The market opened firmer thanks to buybacks of domestic demand-linked stocks, with the Nikkei average gaining about 100 points briefly in the morning, brokers said.

Pressured by profit-taking, the Nikkei and TOPIX dipped into negative territory at one point in the afternoon.

But the key market gauges swung back into the sunny side soon, helped by continued buybacks of defensive issues, brokers said.

U.S.-led airstrikes against the Syrian regime on Friday “had little impact on the [Tokyo] market,” Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc., said, noting that investor sentiment was lifted by the dollar’s resilience.

Ota also said individual investors vigorously hunted issues backed by brisk corporate earnings.Speech

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