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Reply #39: Nikkei climbs on US holiday sales, Italy aid hopes [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 09:52 AM
Response to Reply #17
39. Nikkei climbs on US holiday sales, Italy aid hopes

TOKYO, Nov 28 - The Nikkei stock average on Monday rebounded from a 2-1/2 year low hit last week as strong U.S. retail sales over the Thanksgiving weekend and a report that the IMF was considering support for Italy sparked short-covering.

Market players bought back battered shares such as Nomura Securities, shippers and steelmakers, though many participants noted it was premature to count on clear progress in measures to resolve Europe's debt crisis.

"Talk of support for Italy and reports of strong U.S. holiday sales were supporting the market. But we're by no means in a situation where we can become very positive about a recovery in share prices," said Kazuhiro Takahashi, general manager at Daiwa Securities.

The Nikkei rose 1.6 percent to 8,287.49, moving away from a 2-1/2 year low hit last week and marking its first gain in six sessions. The broader Topix index gained 1.3 percent to 715.70.

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