Tokyo Shares Mixed On Pessimism About New Issues

YURI KAGEYAMA

TOKYO (AP) — Japan's main stock index rose Monday but a broader measure declined as worries about companies issuing new shares chilled sentiments, offsetting a perk from strong economic data.

The benchmark Nikkei stock average added 20.87 points, or 0.2 percent, to finish at 9,791.18. The broader Topix index lost 6.38 points, or 0.7 percent, to 860.42.

Government data, released Monday, showed the Japanese economy grew a robust and better-than-expected 4.8 percent during the July-September period.

But worries remained the number was inflated by government incentives for ecological vehicles and gadgets, which would mean the momentum for growth could quickly run out of steam.

Takero Inaizumi, general manager at Mizuho Investors Securities in Tokyo, said expectations that Japanese companies would offer new issues through the end of the fiscal year in March 2010 to raise capital also crimped trading.

"The number of participants has fallen in the Tokyo market," because of overall pessimism about its prospects, he said. "There is far more interest in India, and also Brazil because of talk about the Olympics."