Monday, July 28, 2008

Nikkei ends up 19pts

The Nikkei average edged up 0.1% on Monday as investors picked up recently battered trading companies such as Mitsui but the gains were held in check by a sharp fall in Advantest after its dismal results.

Honda Motor shares were also hit hard after the automaker cut its annual profit and global car sales forecasts as it battles with rising costs for raw materials and a crumbling US auto market.

In a trade-thin session, the market erased much of earlier gains as investors remained cautious before more earnings reports due in both the United States and Japan and a raft of important economic data.

The benchmark Nikkei ended up 19.02 points at 13,353.78 after rising as high as 13,468.94. The broader Topix rose 0.2% to 1,300.79.

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