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Tokyo shares rebound to five-year high, but other Asian
Published in Saudi Press Agency on 28 - 12 - 2005


Japanese shares rebounded sharply
Wednesday to end at a fresh five-year high on foreign
buying, but many other Asian markets were dragged down by
Wall Street's decline, AP reported .
Tokyo's Nikkei 225 index surged 225.21 points, or 1.4
percent, to finish at 16,194.61 _ its highest close since
Sept. 21, 2000. On Tuesday, the Nikkei fell 138.27 points,
or 0.9 percent.
The Nikkei was boosted by continued foreign investor
buying and a relatively solid performance by Internet
service provider Softbank during the session.
Automakers, including Toyota Motor Corp., advanced, as did
electronics such as Sony Corp. and nonferrous metal issues.
Other gainers included construction firm Kajima Corp. and
housing issue Daiwa House Industry Co.
The Nikkei's sharp rise came as a surprise for many,
because foreigners and local dealers aren't taking many new
positions at this time of the year, traders said.
In Sydney, Australian shares hit new highs after the
extended Christmas break on gains by banks and resources
issues. The S&P/ASX200 index inched up 27.90 points, or 0.6
percent, to 4,755.60.
Share prices in Hong Kong, however, were dragged lower by
Wall Street's decline.
The Hang Seng Index dropped 82.04 points, or 0.5 percent,
to end at 15,101.54. On Friday, it had edged up 1.05
points, or 0.01 percent.
Hong Kong's stock market was closed Dec. 24-27 for
Christmas.
In New York Tuesday, the Dow Jones industrial average lost
1.0 percent, while the tech-heavy Nasdaq composite index
also yielded 1.0 percent.
In currency dealings, the U.S. dollar weakened against the
Japanese yen. It bought 117.16 yen in late Tokyo trading,
down 0.26 yen from late Tuesday in New York.
The euro rose to US$1.1924 from US$1.1831 late Tuesday in
New York.
--mor
15 24 Local Time
12 24 GMT


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