Reuters: Market News: Nikkei seen holding range, buying on dips to support

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Nikkei seen holding range, buying on dips to support Mar 25th 2012, 23:23 Sun Mar 25, 2012 7:23pm EDT TOKYO, March 26 (Reuters) - Japan's Nikkei share average is likely to remain in recent ranges on Monday, though participants said it would be supported by healthy appetite for buying on any dips after last week's slight correction. Market players said the Nikkei was likely to trade between 9,950 to 10,100 on Monday after Nikkei futures in Chicago closed at 9,935, up 5 points, or 0.05 percent, from the Osaka close of 9,930. Strategists said investors who have missed this year's rally were likely to pick up shares near the 10,000 mark. "The Nikkei will trade higher initially and then stay in a range ... There may be some buying back of resource shares after they performed well in New York," said Hiroichi Nishi, equity general manager at SMBC Nikko Securities. "Investors are also likely to pick up stocks with dividends as we head towards the date of record on the 27th," said Nishi. Wall Street eked out gains on Friday, led by a rebound in resource shares after Chile's Codelco, the world's top copper producer, reported a surge in profits and an increase in production. The latest U.S. economic data showed new single-family home sales fell 1.6 percent in February, while prices jumped to their highest level in eight months, painting a mixed picture of the U.S. housing market recovery. On Friday, the benchmark Nikkei lost 1.1 percent to 10,011.47, while the broader Topix index declined 1.1 percent to 852.53. The benchmark has soared more than 18 percent since January on the back of a run of robust U.S. economic data and liquidity boosting programmes by global central banks. > Market bounces back from 3-day losing streak > Euro rises to 3-week high, may pull back next week > Bond prices rise again after last week's rout > Gold rises 1 pct, set to end three-week drop > Oil rises on drop in Iranian crude exports STOCKS TO WATCH --NEC CORP NEC plans to move a division that develops core wireless telecommunications technologies for emerging markets to India in April and slash development and production costs by 20 to 30 percent over the long term, the Nikkei business daily said on Sunday. --NIHON UNISYS IT company Nihon Unisys Ltd said on Friday it would post an extraordinary loss of 5.5 billion yen ($66.7 million) for the fiscal year ending in March from losses on its pension assets managed by AIJ Investment Advisors. --MITSUBISHI CHEMICAL Mitsubishi Chemical Holdings Corp plans to invest 1 to 2 billion yen to set up a pilot production plant for bendable organic solar cells, slated to begin operating in first half of 2013, the Nikkei said on Saturday. --MAZDA MOTOR CORP Mazda has decided to stop development and production of all commercial vehicles in the second half of the decade as it faces dwindling domestic demand, the Nikkei said on Saturday. Link this Share this Digg this Email Reprints

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