Nikkei Rises to One-Month Closing High on Greek Vote

Reuters/Andy Mueller

Reuters – By Dominic Lau – June 18, 2012

TOKYO, June 18 (Reuters) – Japan’s Nikkei share average topped 8,700 for the first time in a month on Monday after Greece’s pro-bailout parties won a parliamentary majority at weekend elections, easing fears of a messy euro zone exit.

Investors unwound cautious bets and covered their shorts on economically sensitive sectors such as financials and mining firms while defensive utilities fell, but trading remained light as concerns about the euro zone debt crisis persisted.

“Unfortunately this rally will be a brief one spurred on by short-covering, but nothing more,” said Norihiro Fujito, general manager of senior investment strategist at Mitsubishi UFJ Morgan Stanley.

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