Tokyo stocks close higher on overseas gains

Tokyo stocks finished higher Monday in line with gains in overseas markets from Friday, as the Nikkei Stock Average trimmed its gains due to unexpectedly weaker industrial output data for June and Nippon Steel Corp.’s (5401) substantial losses for the April-June quarter. The benchmark Nikkei index ended the day at 8,635.44, up 68.80 points, or 0.80%, extending its rises to a third straight session. European and US stock markets rose Friday after policy authorities pledged support for Spain in resolving its debt issue. The uptrend lifted sentiment in the Tokyo market as it opened, according to (Nikkei) website. But the broader market was weighed down by the release of unexpectedly weak industrial output data for June and Nippon Steel’s extensive losses for the April-June quarter, which it announced during afternoon trade. The Nikkei average trimmed its gains and moved in a narrow band at levels below 8,600. The trading value on the first section of the Tokyo Stock Exchange reached 871.5 billion yen, its lowest level since July 23.