Nikkei rises on global market rally, GDP data

By REUTERS
August 15, 2011 06:26

 
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TOKYO - Japan's Nikkei stock benchmark climbed on Monday after global markets rose last week with help from a short-selling ban on financial stocks in Europe, while data showed Japan's gross domestic product shrank less than expected in April-June.

Analysts said that, while the market is likely to recoup most of its decline last week after the GDP data, investors will likely continue focusing on the US economic recovery and European debt problems.

"Japan's economy still relies on exports. Unless the US economy shows signs of a solid recovery, Japanese stocks may see only limited gains in July-September," said Yoshihiro Okumura, general manager at Chibagin Asset Management, adding that 9,500 would be a key resistance level for the Nikkei during that period.

The Nikkei gained 0.9 percent to 9,041.90 by the midday break, while the broader Topix advanced 0.6 percent to 772.95.

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