Nikkei stock average pricesThursday june 30 2011

Nikkei stock average pricesThursday june 30 2011 : The Nikkei stock average briefly rose to a fresh seven-week peak on Thursday and is on its way to end the quarter slightly higher, beating many of its peers, though it erased its early gains on profit-taking near major resistance levels.

While easing worries about Greece's default and hopes that Japanese companies are recovering fast from damage after the devastating earthquake in March are supporting Tokyo shares, some players were taking profits at the end of the quarter

"It's true that we are seeing reassuring factors, such as recovery in industrial output, and that some in the market are getting optimistic. But it's another question how many investors will actually put their money in stocks now," said Masato Futoi, a manager of cash stock trading at Tokai Tokyo Securities.

The benchmark Nikkei was flat at 9,794.33, after rising to 9845.69. There is a raft of resistance around 9,850, including the 200-day moving average at 9,859 and the 100-day moving average at 9,840.

The broader Topix rose 0.1 percent to 845.33.

"It is becoming difficult to push higher as worries about the U.S. economy are lingering. I wouldn't be surprised if some investors took their money off the table," said Ayako Sera, market economist at Sumitomo Trust Bank.

On the quarter, the Nikkei is up 0.5 percent so far, outperforming many other markets, including the U.S. S&P 500 , which has fallen 1.4 percent and ex-Japan Asian-Pacific
shares , which have dropped 2.0 percent. For the latest updates PRESS CTR + D or visit Stock Market news Today

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