Tokyo stocks open higher

Tokyo stocks open higher
Expectations of national economic package outweigh Nasdaq slump
April 2, 2001: 8:53 p.m. ET


TOKYO (Reuters) - Tokyo stocks opened higher on Tuesday with investor expectations of an imminent economic package outweighing the impact of the U.S. Nasdaq's lowest close since late October 1998, traders said.

"With the emergency package coming up tomorrow, it may not be advisable to sell heavily," said Kazunori Jinnai, equities general manager at Daiwa Securities SMBC. ?BR>
The benchmark Nikkei average was up 170.52 points or 1.32 percent at 13,108.38 just 13 minutes into trade, while the TOPIX index rose 12.11 points or 0.95 percent to 1,280.49.

The package being compiled by the government and the three ruling coalition parties is expected to include a fund to absorb banks' vast shareholdings and steps to boost liquidity in the real estate market.

Real estate shares got a boost as a result, with Towa Real Estate Development Co Ltd surging 17.65 percent to 80 yen.