Friday May 16, 03:54 AM
Tokyo shares end morning off highs on profit-taking
TOKYO (Thomson Financial) - Japanese shares were off the session's highs at the end of morning trading on Friday as investors locked in gains after the key Nikkei index (news) surged to a four-month high following
better-than-expected economic data.
The Cabinet Office said gross domestic product grew 0.8 percent in the January-March quarter and at an annualized rate of 3.3 percent, beating market expectations, as brisk exports to emerging
markets like China countered slower demand in the United States.
After rising as high as 14,392.53, the Nikkei 225 Stock Average trimmed gains to end the morning session at 14,273.71, up 21.97 points or 0.2 percent. The intraday peak was the highest since Jan. 11.
The broader Topix gained 9.36 points or 0.7 percent to 1,402.23.
Decliners outnumbered gainers 833 to 767 with 113 issues unchanged.
Volume rose slightly to 1.14 billion shares from 1.13 billion shares on Thursday morning.
($1 = 104.71 yen)
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