Domestic Investors Lift Shares
May 18, 2011
The Nikkei 225 average gained 177.95 to 20379.82. Advancers led decliners 870 to 213, while 145 issues were unchanged. The Second Section Index rose 5.91 to 2116.54 on volume of about nine million shares. Many of the factors that had sidelined domestic institutions, such as fears of higher interest rates and instability in the Middle East, have been alleviated, analysts said. But overseas investors remain concerned over discouraging signs about Japan's fragile economic recovery, said Ventura Stowers, general manager of the trading division at Ryoko Securities. Steel shares were mixed after four of Japan's big five steel makers on Wednesday cut their pretax profit forecasts for the fiscal year ending March 2012. NKK was unchanged at 289 yen, and Sumitomo Metal shed 3 yen to 311. Nippon Steel, the only one of the big five steel makers to leave its full-year profit forecast intact, was unchanged at 347 yen. Toyota Motor gained 40 yen to 2,650; Honda Motor rose 30 yen to 2,560 and Nissan rose 14 yen to 837. Nippon Telegraph & Telephone added 16,000 yen to 802,000; DDI gained 22,000 yen to 886,000; and international telecommunications carrier KDD rose 300 yen to 10,700. Investors' interest in the Internet and the companies' strong profit outlook boosted the telecommunications sector.
