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 January 12, 2016 - 1:14 PM EST
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UPDATE1: Tokyo stocks rally on Wall Street gains, calmer China market

stocks rose sharply Wednesday morning following a six-day losing streak, helped by overnight gains in
shares as well as investors taking a breather after the recent market rout amid concerns about the Chinese economy.

The 225-issue Nikkei Stock Average gained 463.37 points, or 2.7 percent, from Tuesday to 17,682.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 39.44 points, or 2.8 percent, to 1,441.39.

Gainers were led by rubber products, equities and transportation equipment.

stocks opened higher, with gains gradually widening in the morning after
stocks somewhat rallied overnight. The Nikkei's fall for six straight trading days through Tuesday was its worst ever start to a new year.

"Although oil prices are continuing to fall, it is not dragging down stocks," Akira Tanoue of Nomura Securities Co.'s investment research and investor services department said.

crude oil futures hit another milestone Tuesday in
New York
, briefly falling below $30 a barrel for the first time since 2003, adding to worries about the global economic slowdown.

A calmer Chinese market also helped lift investor sentiment, brokers said.

stocks opened higher after fluctuating wildly the previous day, while the Chinese central bank kept on hold the daily guidance rate for the yuan against the dollar.

On the First Section in

, advancing issues outnumbered declining ones 1,849 to 69, while 15 ended the morning unchanged.

Oriental Land rose 342 yen, or 4.8 percent, to 7,479 yen after the Nikkei business daily reported the operator of the Disney theme parks in

is improving its earnings after seeing operating profit fall for the first half through September.

Toho rose 55 yen, or 1.8 percent, to 3,175 yen after the movie and theater producer said Tuesday it plans a higher dividend payment than foreseen earlier for the year through February.

Omron rose 190 yen, or 5.3 percent, to 3,780 yen after the sensor manufacturer said Tuesday it has developed a new sensor for atmospheric pressure that can be used in wearable devices.


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Source: News (January 12, 2016 - 1:14 PM EST)

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