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TOKYO (Jiji Press) — Tokyo stocks turned slightly higher in sluggish trading Monday.
The Nikkei average of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section gained 18.81 points, or 0.07%, to finish at 27,531.94 after losing 183.31 points Friday.
The broader TOPIX index ended 7.78 points, or 0.39%, higher at 1,999.71, following a 9.16-point dip on the previous trading day.
Technology stocks came under selling pressure built up in the wake of the U.S. Nasdaq composite and Philadelphia semiconductor indexes dropping Friday.
But domestic demand-oriented and defensive names attracted purchases to underpin the market, brokers said, adding that overall activity lacked vigor due chiefly to a dearth of fresh events and the three-day weekend in the United States.
In the afternoon, stocks became standstill, with the Nikkei fluctuating only by some 30 points.
Maki Sawada, strategist at Nomura Securities Co., also pointed out that players took to the sidelines to wait for key events, including the release of the U.S. personal consumption expenditures price index for January on Friday.
On the Prime section, gainers outnumbered decliners 1,310 to 467 while 60 issues were unchanged. Volume fell to 1,013 million shares from Friday’s 1,113 million shares.
