Financials lead Nikkei 2.8pc rally

PUBLISHED : Thursday, 20 January, 1994, 12:00am
UPDATED : Thursday, 20 January, 1994, 12:00am

TOKYO'S benchmark Nikkei 225 stock average rose 2.8 per cent to an 11-week high yesterday, led by a rally in financial shares and industry groups expected to benefit quickly from economic recovery.

Optimism that months of haggling over political reform was about to end added to investors' hopes, said Taketoshi Hashizune, general manager of stock trading at Yamaichi Securities.

The Nikkei average rose 524.85 points to 19,039.4 after two days of declines. The close was the highest for the Nikkei since November 2.

The Manila Stock Exchange also snapped out of its mini-slump. The composite index closed up 151.31 points or five per cent to 3,062.28. Commercial and industrial, mining and oil stocks all gained ground.