Nikkei rises helped by strong Wall Street; Greece in focus

domingo 12 de julio de 2015 23:06 GYT

* Market relieved after China shares rise
    * Toshiba underperforms on ongoing false accounting woes

    By Ayai Tomisawa
    TOKYO, July 13 (Reuters) - Japan's Nikkei share average rose
on Monday morning after sharp rallies in U.S. shares encouraged
investors to buy stocks on dips, but the market stayed wary of
developments in Greece.
    The Nikkei share average rose 0.9 percent to
19,960.50 in mid-morning trade after falling 3.7 percent last
week. On Monday, the index was still 1.6 percent below its
25-day moving average of 20,284.84.
    Chinese shares, which opened higher, also supported market
sentiment. In China, the Shanghai Composite index and
the CSI300 index of China's biggest-listed companies
were up 2.0 percent and 1.7 percent, respectively at 0136 GMT.
    Analysts said investors were in an anxious mood, with many
market-related events likely to dominate trading this week.
    U.S. Federal Reserve Chair Janet Yellen testifies on the
economy before Congress on Wednesday while a slew of U.S.
earnings are slated this week as well.
    "It's hard to predict this week's moves because the market
is likely to be swayed by individual events," said Hikaru Sato,
a senior technical analyst at Daiwa Securities. "When the Nikkei
recovers its 25-day moving average there will be more sense of
relief. For now, investors are still cautious."        
    Investors will continue to focus on developments in Europe.
    Euro zone leaders argued late into the night on Sunday with
near-bankrupt Greece at an emergency summit, demanding Athens
enact key reforms this week to restore trust before they will
open talks on a financial rescue to keep it in the European
currency area. 
    Exporters were in demand, with Toyota Motor Corp 
rising 1.9 percent, Honda Motor Co gaining 1.0 percent
and Tokyo Electron Ltd adding 1.1 percent.
    Underperforming the market was Toshiba Corp, which
earlier dipped more than 3 percent to a 2-1/2-year low on
ongoing false accounting woes.
    Kyodo news reported over the weekend that Toshiba President
Hisao Tanaka was expected to step down to take responsibility
for accounting irregularities, citing sources. Toshiba was not
immediately available for comments when contacted by Reuters. 
    The broader Topix rose 1.3 percent to 1,604.20 and
the JPX-Nikkei Index 400 advanced 1.2 percent to

 (Editing by Jacqueline Wong)