Tokyo stocks end slightly up as tech issues helped by Wall St. gains

Tokyo stocks rose slightly Tuesday as technology issues advanced following the robust performance of U.S. counterparts.

The 225-issue Nikkei Stock Average ended up 63.6 points, or 0.28 percent, from Monday at 22,539.54. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 0.27 points, or 0.02 percent, higher at 1,774.96.

Gainers were led by information and communication, miscellaneous product and rubber product issues.

Tracking overnight gains in U.S. shares, the Nikkei average climbed more than 100 points at one stage, but pared its gains and moved between positive and negative territory through much of the day amid a dearth of fresh trading cues, brokers said.

“It is difficult for investors to take any position ahead of important market events next week (including the U.S.-North Korea summit on June 12). It is good enough for today if stocks remain at the current levels,” said Mitsuo Shimizu, equity strategist at Japan Asia Securities Co.

Technology issues led the market with investors taking heart from the technology-heavy Nasdaq Composite Index that climbed to a record high on Monday in New York.

SoftBank Group rose 170 yen, or 2.2 percent, to 8,032 yen while electronic component maker Alps Electric climbed 48 yen, or 1.8 percent, to 2,700 yen.

But market sentiment was somewhat hurt by government data released in the morning that showed Japanese households had cut back on spending for the third consecutive month in April, brokers said.

“The data could have negatively affected the market as investors grew wary on sluggish private consumption in the country,” Shimizu added.

On the First Section, declining issues outnumbered advancing ones 1,133 to 853, while 98 ended the day unchanged.

Sharp plunged 120 yen, or 4.1 percent, to 2,833 yen after the electronics maker said it plans to raise up to 200 billion yen ($1.8 billion) through public offering, a move that could dilute the holdings of current shareholders.

The company also said it has agreed to buy Toshiba Corp.’s loss-making personal computer business for 4 billion yen. Toshiba ended 3.00 yen, or 1.0 percent, higher at 302 yen.

A fall in crude oil prices overnight in New York weighed on energy-related issues, with explorer Inpex dropping 37.00 yen, or 3.0 percent, to 1,195.50 yen.

Trading volume on the main section rose to 1,546.48 million shares from Monday’s 1,482.98 million shares.

This article provided by NewsEdge.