Investors are bracing for profit-taking in Tokyo this week after the Nikkei index reached its highest level since the March 11 quake and tsunami disaster, dealers said Friday.
'We see some signs that Japanese shares are overheating a bit,' said Katsuhiro Kondo, market analyst at Tokai Tokyo Securities Co. 'It won't be surprising if profit-taking starts to kick in at anytime.'
In the week to July 8, the benchmark Nikkei index at the Tokyo Stock Exchange climbed 2.73 per cent, or 269.66 points, to 10,137.73, a four-month high at close on Friday.
The Nikkei index topped the 10,200 mark in early Friday trading for the first time since the March 11 disaster. The Nikkei had plunged after closing at 10,254.43 on the day of the disaster. The Topix index of all first section shares rose 4.94 per cent, or 41.14 points, to 833.20.
Tokyo shares were buoyed as optimism about a recovery in US employment conditions and a weaker yen supported exporters.
Investors were closely watching official US employment data due out later Friday after jobs figures from the payrolls firm ADP showed gains for June, Kondo said.
Source : New Age
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