Nikkei rises nearly 8 percent after Wall Street rally

Wednesday, 29 October 2008, 07:00 Hrs
Printer Print Email Email
Tokyo:Tokyo stocks surged nearly 8 percent Wednesday, on the back of Wall Street's overnight rally and the dollar's advance against the yen, sending the benchmark Nikkei 225 Stock Average above the 8,000-mark.

The Nikkei rose 589.98 points, or 7.74 percent, to close at 8,211.9.

The broader Topix index of all first-section issues was up 46.29 points, or 5.9 percent, at 830.32.

The Tokyo market sentiment was buoyed also by speculations that the Bank of Japan is considering an interest-rate cut to help stabilise the market.

Japan's central bank was scheduled to hold its policy board meeting Friday to discuss its key short-term interest rate, which is currently set at 0.5 percent.

On currency markets at midday, the dollar was quoted at 97.27-32 yen, up from Tuesday's 5 p.m. quote of 94.54-56 yen.

The euro was quoted at $1.2717-22, up from Tuesday's 5 p.m. quote of $1.2476-78, and at 123.70-80 yen, up from 117.95-99 yen.
Source: IANS
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..