Tokyo stocks rise further on brisk corporate earnings

Jiji PressTOKYO (Jiji Press) — Stocks gained further ground on the Tokyo Stock Exchange Monday, thanks to buying reflecting rosy corporate earnings reports.

The 225-issue Nikkei average rose 107.38 points, or 0.47 percent, to close at 22,865.86, the highest finish since Feb. 2. On Friday, the key market gauge jumped 261.30 points.

The TOPIX index of all First Section issues was up 10.96 points, or 0.61 percent, at 1,805.92, closing above 1,800 for the first time since Feb. 5. It climbed 17.34 points on Friday.

Both the Nikkei and the TOPIX extended their winning streaks to a third session.

The indicators opened on a weak note, but soon surfaced back onto the plus side, with the market’s downside supported by a series of strong earnings reports from major Japanese companies, according to market sources.

Stocks gained further momentum in the afternoon, on the back of purchases apparently by foreign investors, the sources said.

Brokers attributed Monday’s advance to sharp rises of cosmetics maker Shiseido and other companies that released brisk earnings reports on Friday.

Rising issues outnumbered falling ones 1,197 to 813 on the TSE’s First Section, while 73 issues were unchanged. Volume decreased to 1,519 million shares from 1,662 million shares Friday.

In index futures trading on the Osaka Exchange, the key June contract on the Nikkei average was up 130 points at 22,860.Speech

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