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Tokyo inches ahead
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December 26, 2000: 4:21 a.m. ET
Japanese shares advance gently, all eyes on Wall Street
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LONDON (CNNfn) - Japanese stocks eked out a skinny gain Tuesday, as most investors sat on the sidelines preferring to wait for guidance from the renewal of trading on Wall Street.
Japan's Nikkei 225 average ended up 76.24 points or 0.55 percent at 14,007.85, its first close above 14,000 in a week. Some analysts see this figure as psychologically important.
Trading volume was low, with just 345.05 million shares traded on the TSE's first section, the lowest in a year. Activity was hit by the absence of overseas investors. Japan was the only major market to trade Monday, and Hong Kong remained closed Tuesday. Several other Asian markets opened Tuesday, but will holiday once more on Wednesday. No European markets are open Tuesday, although trading will take place on Wall Street
"Movements have been small as the market plays wait-and-see with U.S. stocks," said Hiroichi Nishi, general manager of Nikko Securities' products group.
Japanese institutional investors were also widely seen absent ahead of the resumption later in the day of the Nasdaq, which staged a 7.56 percent pre-Christmas rally last Friday.
That helped launch a strong rally in Tokyo on Monday, when the Nikkei jumped 3.76 percent to 13,931.61, the largest percentage rise in 21 months, ending a recent slide that saw a 23-month closing low of 13,423.21 last Thursday.
"There wasn't so much activity today," said Tatsuhiko Takura, head of investment research at fund manager Tokio Marine Asset Management.
"We're waiting for the New Year to start in a positive mood. The market's wish would be for the Nikkei to end (calendar 2000) above 14,000 and prepare for a loosening of U.S. monetary policy early next year," he said.
Other Asian markets
Korean stocks managed a modest advance on their last trading day of 2000, with the KOSPI gaining 0.80 percent or 4.02 points at 504.62. Investor joy was tempered by the realization that the index had lost 50.9 percent this year. Singapore's Straits Times index was 0.5 percent lower in late trading at 1,893.11.
Taiwan stocks closed at a fresh 57-month low on Tuesday, led by losses in the technology sector. The benchmark index closed at 4,721.36 points, down 89.86 points, or 1.87 percent, from Friday's close of 4,811.22. The index has fallen for nine consecutive sessions, losing a total of 12.3 percent.
Manila stocks jumped Tuesday, on renewed hopes President Estrada would soon be forced out of office. The composite stocks index closed up 38.65 points at 1,467.82, the 2.5 percent advance reflecting its highest intraday percentage and point gains since early November when it rose 16.4 percent on news a group of congressmen had resigned from Estrada's ruling coalition.
-- from staff and wire reports 
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