Nikkei Ends Morning Sharply Higher On Bargain Hunting

TOKYO (NQN)--Tokyo stocks traded sharply higher Tuesday morning, with the Nikkei Stock Average surging 246.55 points, or 2.02%, to end the session at 12,467.18.

The benchmark index plunged 340 points the previous day amid concerns about the euro zone's bailout plan for Cyprus. Relatively solid performances on overseas markets overnight prompted Tokyo investors to buy stocks on dips. Short-term players who had been selling stock index futures were buying stocks back, pushing up the Nikkei average.

Sony Corp. (6758) and other exporters rose after falling across the board Monday. Also marking big rises were Fast Retailing Co. (9983) and other stocks that have a major impact on the Nikkei average.

The trading value on the first section of the Tokyo Stock Exchange totaled about 975.4 billion yen, while the trading volume stood at 1.54 billion shares.

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