Tokyo stocks close 6.41% higher

Business Materials 28 October 2008 10:57 (UTC +04:00)

Tokyo stocks remained volatile and closed sharply higher Tuesday after the key Nikkei index plunged below 7,000 line for the first time in 26 years, reported Xinhua.

The 225-issue Nikkei Stock Average gained 459.02 points, or 6.41 percent, from Monday to 7,621.92, after falling to a low of 6,994.90 in midmorning.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 37.57 points, or 5.03 percent, to 784.03.

Brokers said market sentiment was buoyed by an announcement earlier in the day by Financial Services Minister Shoichi Nakagawa that Japan will start banning a type of stock short selling, effective Tuesday, ahead of the originally scheduled Nov. 4, to help calm domestic stock markets,.

The index fell below 7,000 for the first time since Oct. 6, 1982, when it closed at 6,974.35. Only closing levels are available for the Nikkei for the period before late 1985.