Nikkei pares gains, European test response awaited

TOKYO, July 26 (BestGrowthStock) – Japan’s Nikkei average rose 0.8
percent on Monday, having pared gains after failing to break
above resistance as profit-taking emerged and investors waited
for European markets to respond to the result of bank stress
tests.

Hopes for robust corporate results for a raft of firms,
including Sony Corp (6758.T: ), Toyota Motor Corp (7203.T: ) and
major banks, buoyed the overall market and kept support solid,
though all fell back from earlier highs.

The benchmark Nikkei (.N225: ) gained 72.70 points to close at
9,503.66 after briefly breaching but failing to hold above
resistance at 9,550, the level of its 25-day moving average. The
broader Topix (.TOPX: ) rose 0.6 percent to 845.88.

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Nikkei pares gains, European test response awaited