Chips pull Tokyo market higher at open

By Staff and wire reports

TOKYO, Japan -- Chip-related shares led the Tokyo market higher at the open on Friday, as investors continued to bid up the sector on the back of a Wall Street rally.

The technology-rich U.S. Nasdaq composite index rose 3.29 percent or 62.47 points to 1,961.42 -- up 14 percent for the holiday-shortened week.

Advantest, a maker of semiconductor testing devices, jumped 4.63 percent to 14,250 yen by 0011 GMT, adding to Thursday's 7.24 percent surge and helping the technology-sensitive Nikkei average add 0.74 percent to 13,451.22.

"We should see some profit-taking on the previous day's high-fliers, but talk that the semiconductor market has hit bottom should continue to push those shares north here today," says Tsuyoshi Segawa, equity strategist at Shinko Securities.

Toshiba, Japan's largest semiconductor manufacturer and one of the first section's most heavily traded issues, perked up 2.23 percent to 779 yen by 0032.

Kyocera, the world's largest maker of integrated circuit ceramic packages, was up 4.4 percent at 12,350. It jumped 7.55 percent in the previous session.

Reuters contributed to this report.

Chips keep Tokyo on a high
April 12, 2001

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