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Japanese shares rise on Wall Street gain



By AP
15 May 2008 @ 05:02 am EST

TOKYO - Japanese shares rose Thursday, lifted by an overnight gain on Wall Street and Sony Corp.'s upbeat earnings.


Japan Sony Earns
People walk by a corporate sign of Sony Corp. in Tokyo, Japan, Wednesday, May 14, 2008. Sony marked a strong recovery in the fiscal year through March, nearly tripling profit to a record, on reduced losses in its PlayStation 3 video game business and strong sales of flat panel TVs and digital cameras. (AP Photo/Shizuo Kambayashi)
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Quotes
SNE 41.06 -0.44
TM 91.92 -0.95
NSANY 15.7 -0.2

SYMBOL LOOKUP

The benchmark Nikkei 225 index climbed 133.19 points, or 0.9 percent, to 14,251.74, marking its fourth consecutive gain.

"The market was supported by positive factors both at home and abroad. One good external factor was the U.S. stock performance yesterday," said Kazuhiro Takahashi, general manager at Daiwa Securities SMBC.

The Dow Jones industrial average rose 0.51 percent Wednesday to 12,898.38 after a better-than-expected report on U.S. consumer prices eased some of the market's concerns about inflation.

Apart from the U.S. factor, sentiment turned upbeat in Tokyo due to Sony's swing to a profit in the January-March quarter compared with a loss in the same period a year ago.

Sony said Wednesday its fourth-quarter result helped lift it to a record profit of 369.4 billion yen ($3.5 billion yen) for its fiscal year ended March 31.

"Investors were heartened by Sony's strong earnings results, prompting buying across the board," Takahashi said.

Sony rose 8.7 percent to close at 5,270 yen.

Shares in NEC Electronics jumped 14 percent to 2,475 yen. As the market closed, the chips maker's parent computer and network equipment maker said its profit for the fiscal year through March more than doubled on year.

Shares in the parent, NEC Corp., rose 5 percent to 551 yen.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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