Nikkei edges up 0.3 pct in light quarter-end trade

Wed Sep 30, 2009 3:15am EDT
 
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* Nikkei rises 1.8 pct in July-Sept quarter

* Volume light at end of Japan's fiscal half-year

* Property stocks under pressure

* NGK Insulators jumps on upbeat full-year forecasts

By Masayuki Kitano

TOKYO, Sept 30 (Reuters) - Japan's Nikkei average rose 0.3 percent on Wednesday, with investors hesitant to trade actively ahead of a quarterly Japan corporate sentiment survey and U.S. jobs data later in the week.

Property stocks fell after a brokerage said that the time was needed to assess the risk from policy changes such as the likely tightening of capital adequacy rules for financial institutions, but NGK Insulators (5333.T) rallied after it raised its profit forecast.

A dip by the dollar below 90 yen JPY= also put some pressure on the benchmark.

The Nikkei rose 1.8 percent in July-September after surging nearly 23 percent in April-June for its biggest quarterly rise in about 14 years.

In light trade on the last day of Japan's fiscal half-year, the benchmark Nikkei .N225 inched up 33.03 points to 10,133.23.

A rise for the benchmark in late trade may have been caused by month-end portfolio rebalancing, said Nagayuki Yamagishi, investment strategist for Mitsubishi UFJ Securities.

"Turnover in the last minute of trade totalled roughly 200 billion yen, out of total turnover for the whole day of 1.1 trillion yen," he said.

The broader Topix rose 0.7 percent to 909.84.

Among a raft of economic indicators due this week, the Bank of Japan will issue its tankan survey of corporate sentiment for July-September on Thursday and U.S. jobs data is due on Friday.

Some 1.6 billion shares changed hands on the exchange's first section, below last week's daily average of 2.2 billion.

PROPERTY STOCKS UNDER PRESSURE  Continued...

 

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