TOKYO -- The renewed love affair between investors and blue-chips carried on across the Pacific on Friday, after the
Dow Jones Industrial Average
moved past 11,000 overnight. Investors in Japan were keen buyers of pharmaceutical, auto and steel stocks, as they shed large tech and telecom shares.
index rose 253.48 points, or 1.3%, to 19,958.08, while the
index, which includes all shares listed on the
Tokyo Stock Exchange's
first section, fell 10.95 to 1640.60. The
small-cap index tumbled 3.85, or 3.4%, to 109.51, while Nikkei
shares fell 74.23, or 3.2%, to 2282.34.
The Nikkei 225 inched above a key psychological resistance level of 20,000 at midday, for the first time since March 6. This gave some investors hope that the market will keep pushing higher once fiscal year 2000 starts on April 1.
Five new mutual funds opened up shop today, mostly targeting laggard blue-chips. Drug and steel makers benefited, along with
, up 170 yen, or 3.4%, to 5110 and
, up 5, or 1.2%, to 408.
Large tech and telecom stocks were mostly lower.
shed 170 to 25,700,
lost 160,000, or 3.7%, to 4.18 million and
fell 2300, or 7.2%, to 29,700.
Internet holding company
is reportedly looking to increase its capital by about 300 billion yen with a new issuance of shares, local reports said. The offering, which is expected around April, would help the firm expand its investments in tech start-ups and other venture capital firms. Softbank's board is expected to approve the plan later today, which was why the company's shares closed down 14,000, or 13.9%, to 87,000.
Tokyo Stock Exchange
said it plans a new stock index including the firms listed on its high-tech
board, sometime in the fall.
, a recent addition to Mothers and the
in the U.S., closed down 400,000, or 1.5%, to 26 million.
With U.S. stocks showing some might, the greenback inched higher against the yen, to around 107.40. Japanese exporters, who often sell the dollar when it rises against the yen in order to lock in profits, capped the upside for the dollar today, dealers said.
index climbed 73.99 to 17,784.57. Thursday's record earnings having been within market expectations for
the stocks did little today. Hutchison, flat at $HK145.00, posted a 12-fold jump in profits to $117.35 for fiscal 1999, almost all of this on the back of its one-time sale of its British mobile phone subsidiary, Orange PLC. Cheung Kong, down 2.00, or 1.7%, to 114.00, saw its profits jump ninefold to $59.37 billion, largely the product of its 50% stake in Hutchison.
shed 1.75, or 2.3%, to 73.00, while
Pacific Century Cyberworks
gained 1.30, or 6.9%, to 20.10.
index fell 51.23 to 9482.64, while Korea's
index climbed 21.62, or 2.5%, to 889.24.