Tuesday May 13, 06:47 AM
Tokyo shares extend gains led by exporters
TOKYO (Thomson Financial) - Japanese stocks extended gains in afternoon trading on Tuesday as a weaker yen lifted exporters
and with investors likely switching funds from Chinese stocks into those listed in Tokyo.
'There is a possibility that investors might have shifted funds from Chinese equities into Japanese stocks after the earthquake,' said Fumiyuki Nakanishi, chief strategist at SMBC Friend Securities.
Shanghai-listed shares fell Tuesday following the strong earthquake that hit the southwestern
Chinese province of Sichuan and the 50-basis point increase in banks' reserve requirement.
At 1:52 p.m. (0452 GMT), the Nikkei (news) 225 Stock Average was up 212.26 points or 1.5 percent at 13,955.62, after rising as high as 13,974.88.
The broader Topix was up 19.16 points or 1.4 percent at 1,361.95
Major gainers include computer maker Fujitsu (FUJ.IL - news) which soared 12.7 percent to 770 yen while digital camera manufacturer Nikon (Berlin: NKN.BE - news) surged 12.5 percent to 3,190 yen.
Nissan Motor climbed 3.3 percent to 961 yen and consumer electronics giant Sony Corp (Munich: 853687 - news) . gained 3.2 percent at 4,800 yen.
($1 = 103.86 yen)
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