Business News
Tokyo stocks recover early losses on bargain-hunting (Roundup)
By DPA
May 22, 2008, 6:36 GMT

Tokyo - Tokyo stocks recouped early losses at Thursday's closing as investors bought back battered shares from the morning trading.

The Nikkei 225 Stock Average rose 52.16 points, or 0.34 per cent, to close at 13,978.46.

The broader Topix index of all first-section issues was also up 9.58 points, or 0.7 per cent, at 1,379.67.

Investors dumped mainly export-oriented issues in morning trading after surging oil prices and a stronger yen prompted concerns over global inflation.

But Tokyo players returned to buy battered shares in the afternoon trading.

On currency markets in Tokyo at midday (0300 GMT), the dollar traded at 102.80-85 yen, down from Wednesday's 5 pm quote of 103.31-33 yen.

The euro was quoted at 1.5785-90 dollars, up from Wednesday's 5 pm quote of 1.5642-44 dollars, and at 162.31-36 yen, up from 161.60-64 yen.