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Tokyo stocks surge 0.17pc by midday, Nikkei 225 climbs 31.68pts

Tokyo stocks surge 0.17pc by midday, Nikkei 225 climbs 31.68pts

TOKYO: Tokyo stocks rose 0.17 per cent on Thursday morning, with profit taking more than offset by fresh buying on expectations of higher prices ahead.

The Nikkei 225 index at the Tokyo Stock Exchange climbed 31.68 points to 18,735.28 by the break, while the Topix index of all first-section issues was up 0.31 per cent, or 4.67 points, at 1,521.68.

The market opened lower following a negative lead from Wall Street but buying picked up on the back of a recovery trend in the domestic economy and corporate earnings.

The speed of the recent rise in prices was moderated early on, but players are now looking for fresh buying pegs, Masaaki Yamaguchi, equity market strategist in Tokyo at Nomura Holdings, told Bloomberg News.