Tokyo, Aug. 29 (Jiji Press)–Tokyo stocks rebounded from two straight sessions of losses on Friday, as data signaling economic recovery in Japan and the United States gave investors a cue to snap upa broad range of issues, notably high-technology stocks.

Japan’s industrial production in July, released shortly before the opening, showed a 0.5 pct increase from the previous month, against an average estimate of a 0.1 pct dip by 12 research institutes surveyed by Jiji Press.

The better-than-expected reading, together with an upward revision of U.S. gross domestic product figures for April-June announced overnight, gave a boost to a market that was set to take a respite from the recent correction following the key Nikkei average’s rapid rally in a short period, said Kazunori Jinnai, equity general manager at Daiwa Securities SMBC Co.

The Nikkei average of 225 leading issues on the Tokyo Stock Exchange closed up 118.33 points, or 1.2 pct, from Thursday at 10,343.55, after losing 83.77 points in the previous session.

The TOPIX index of all first-section issues rose 8.50 points to end at 1,002.01. On Thursday, it slipped 7.16 points.(MORE)ADD:

Advances led declines 994 to 385 on the first section, while 144 issues closed unchanged.

Volume came to 1,374 million shares against Thursday’s 1,481 million shares.

Investors flocked to buy tech heavyweights from the outset of trading, after the tech-laden Nasdaq composite index closed above the 1,800 line for the first time since April 18, 2002.

But the Nikkei average’s topside gradually became heavy due to large-lot selling apparently from foreign hedge funds. “Some players intended to adjust their positions ahead of the Labor Day holiday weekend,” said Hiroaki Kuramochi, head of the global equities division at Credit Lyonnais Securities (Japan).

The key market gauge extended gains in late trading, partly reflecting some funds’ moves to seek laggards in the high-tech sector, brokers said.

Hiroyuki Nakai, chief strategist at the Tokai Tokyo Research Center, said investors’ focus of buying has been shifting smoothly to semiconductor-related issues in recent sessions, from Internet- related issues in July and materials stocks earlier in August.(MORE)THIRD:

Among tech issues, Advantest, Tokyo Electron and TDK rewrote their fresh year-to-date highs. Consumer electronics makers like Toshiba, Hitachi and NEC enjoyed gains.

Consumer credit companies like Acom and Promise attracted brisk purchases.

Fast Retailing, the operator of UNIQLO low-priced casual wear stores, climbed to hit a fresh year-to-date high, on news that it plans to increase the number of its outlets by 70 in the year to August 2004.

Konica Minolta Holdings showed strength, after President Fumio Iwai announced Thursday that the company will launch a slew of new digital camera models in a bid to reverse its weak presence in the market.

On the minus side were steelmakers like Nippon Steel, JFE and Sumitomo Metal Industries, together with paper-pulp manufacturers like Oji Paper.

In index futures trading, the September contract on the Nikkei average ended up 90 points at 10,330 on the Osaka Securities Exchange.

Tokyo, Aug. 29 (Jiji Press)–Tokyo stocks rebounded from two straight sessions of losses on Friday, as data signaling economic recovery in Japan and the United States gave investors a cue to snap upa broad range of issues, notably high-technology stocks.

Japan’s industrial production in July, released shortly before the opening, showed a 0.5 pct increase from the previous month, against an average estimate of a 0.1 pct dip by 12 research institutes surveyed by Jiji Press.

The better-than-expected reading, together with an upward revision of U.S. gross domestic product figures for April-June announced overnight, gave a boost to a market that was set to take a respite from the recent correction following the key Nikkei average’s rapid rally in a short period, said Kazunori Jinnai, equity general manager at Daiwa Securities SMBC Co.

The Nikkei average of 225 leading issues on the Tokyo Stock Exchange closed up 118.33 points, or 1.2 pct, from Thursday at 10,343.55, after losing 83.77 points in the previous session.

The TOPIX index of all first-section issues rose 8.50 points to end at 1,002.01. On Thursday, it slipped 7.16 points.(MORE)ADD:

Advances led declines 994 to 385 on the first section, while 144 issues closed unchanged.

Volume came to 1,374 million shares against Thursday’s 1,481 million shares.

Investors flocked to buy tech heavyweights from the outset of trading, after the tech-laden Nasdaq composite index closed above the 1,800 line for the first time since April 18, 2002.

But the Nikkei average’s topside gradually became heavy due to large-lot selling apparently from foreign hedge funds. “Some players intended to adjust their positions ahead of the Labor Day holiday weekend,” said Hiroaki Kuramochi, head of the global equities division at Credit Lyonnais Securities (Japan).

The key market gauge extended gains in late trading, partly reflecting some funds’ moves to seek laggards in the high-tech sector, brokers said.

Hiroyuki Nakai, chief strategist at the Tokai Tokyo Research Center, said investors’ focus of buying has been shifting smoothly to semiconductor-related issues in recent sessions, from Internet- related issues in July and materials stocks earlier in August.(MORE)THIRD:

Among tech issues, Advantest, Tokyo Electron and TDK rewrote their fresh year-to-date highs. Consumer electronics makers like Toshiba, Hitachi and NEC enjoyed gains.

Consumer credit companies like Acom and Promise attracted brisk purchases.

Fast Retailing, the operator of UNIQLO low-priced casual wear stores, climbed to hit a fresh year-to-date high, on news that it plans to increase the number of its outlets by 70 in the year to August 2004.

Konica Minolta Holdings showed strength, after President Fumio Iwai announced Thursday that the company will launch a slew of new digital camera models in a bid to reverse its weak presence in the market.

On the minus side were steelmakers like Nippon Steel, JFE and Sumitomo Metal Industries, together with paper-pulp manufacturers like Oji Paper.

In index futures trading, the September contract on the Nikkei average ended up 90 points at 10,330 on the Osaka Securities Exchange.