Tuesday, March 19, 2013
Nikkei Ends Sharply Higher On Scant Falls Overseas
TOKYO (NQN)--Tokyo stocks rebounded strongly Tuesday, with the Nikkei Stock Average surging 247.60 points, or 2.03%, to end the day at 12,468.23.
Overseas markets closed lower across the board overnight, after the European Union came up with a bailout plan for troubled banks in Cyprus that will impose a tax on depositors. However, selling pressure was muted.
Meanwhile, the Tokyo market was dominated by bargain hunters following a 340-point plunge in the benchmark Nikkei average on Monday. The yen's fall also pushed stocks higher. They gained further ground toward the market close, as overseas investors jumped in on expectations for a further rise. Short-covering also gave a lift to the Tokyo market.
The trading value on the first section of the Tokyo Stock Exchange totaled about 1.94 trillion yen on a preliminary basis, the lowest since March 1.