Thursday 9/6 Tokyo trading recap:
* Nikkei 225 Stock Average: +98.55 (+0.6%) to 16,257.00; N225 down more than 300 point in morning session; reversal led by steel and trading co. stocks; first positive close in four sessions
* Nikkei 225 futures Osaka: +50 (+0.3%) to 16,240, Singapore (SGX) +15 (+0.1%) to 16,235, Chicago (CME) *9/5 — -85 (-0.5%) to 16,105
* TOPIX: -0.95 (-0.1%) to 1,568.52; Advancers 516 x decliners 1,109 (unch. 100), New highs 1 x new lows 240; 17/33 sectors posted gains; TOPIX 1st and 2nd section decline for fourth straight session
* Jasdaq: -10.69 (-0.6%) to 1,888.89
* Bloomberg quotes Masahiko Nakatani of STB Asset Management in Tokyo: “People worldwide are wary about investing aggressively as they want to confirm how much damage the subprime problem will cause to the actual economy. The Nikkei slid more than 400 points in the last three days so the benchmark was prone to have a technical rebound.” Still, notice the A/D line on the TOPIX and weakness particular in financial and exporter stocks, not to mention continued weakness in smaller cap issues.