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Nikkei up as Fanuc gains on machinery data Print E-mail
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Nikkei up as Fanuc gains on machinery data
Page 2

By Aiko Hayashi

TOKYO (Reuters) - A stronger-than-expected reading on Japanese machinery orders pushed up machinery stocks such as industrial robot maker Fanuc Ltd. on Monday, sending the Nikkei average 0.55 percent higher.

But shares of real estate firms such as Mitsui Fudosan and Mitsubishi Estate weighed on the market after the data fuelled concern about higher interest rates.

"A rise in U.S. stocks and the machinery data lifted the market at the opening, but gains are likely to be limited ahead of a string of economic indicators later in the week and the election," said Yutaka Miura, deputy manager of the equity information department at Shinko Securities.

"The stronger-than-expected machinery data would also likely cause concerns about rate hikes by the Bank of Japan, capping a further advance in today's market."

The benchmark Nikkei finished the morning up 99.90 points at 18,240.84. The broader TOPIX index added 0.59 percent to 1,790.23.

Trade volume was moderate, with 868 million shares changing hands on the Tokyo exchange's first section. Advancing shares outnumbered decliners by a ratio of nearly three to one.

MACHINE STOCKS UP, PROPERTY FIRMS FALL

Shares of Fanuc and other machinery stocks climbed after data showed Japan's core private-sector machinery orders rose 5.9 percent in May from the previous month, beating economists' consensus forecast for a 2.3 percent rise.

Industrial robot maker Fanuc was up 0.9 percent at 12,810 yen, construction machinery maker Komatsu Ltd. added 1.6 percent to 3,790 yen, and machine tool producer Okuma Holdings Inc. gained 2.2 percent to 2,100 yen.


 
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