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Tokyo stocks up 0.48% by break

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(Globalpost/GlobalPost)

Tokyo stocks rose 0.48 percent Thursday morning, snapping three days of falls after US share prices and the dollar rebounded.

The Nikkei 225 index was up 63.80 points at 13,402.26 by the break while the Topix index of all first-section issues edged 0.04 percent, or 0.47 points, higher to 1,114.50.

The rises in Tokyo followed a rebound on Wall Street led by energy companies benefiting from an oil price spike as the West mulls a possible attack against Syria for its alleged use of chemical weapons.

"The Nikkei's rebound lacks strength as investors continue to stay on the sidelines as they wait for the US and its allies' action against Syria," said Yoshihiro Okumura, general manager for research at Chibagin Asset Management.

"Amid uncertainties surrounding Syria, the rising oil price is a negative factor, as it leads to higher costs, especially for corporations like power companies," he told Dow Jones Newswires.

The dollar was at 97.60 yen in Tokyo midday trade, marginally down from 97.71 yen in New York Wednesday afternoon but still up from 97.13 yen in Tokyo Wednesday.

The Indian rupee, which fell nearly four percent to a new record low of 69.22 to the dollar on Wednesday was at 68.82.

Suzuki Motor, with a heavy exposure to India, soared 2.91 percent to 2,119 yen, rebounding from a 5.4 percent fall on Wednesday.

The oil sector outperformed after US oil futures rose to a nearly two-year high driven by speculation over potential supply disruptions.

Oil explorer Inpex jumped 5.32 percent to 455,000 yen and oil refiner JX Holdings was up 2.30 percent to 533.

Power companies were sharply lower with Tokyo Electric Power, hit by high oil prices while struggling to contain a crisis at the crippled Fukushima nuclear power plant, fell 5.29 percent to 483 yen.

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http://www.globalpost.com/dispatch/news/afp/130829/tokyo-stocks-048-break-0