Updated on
Summary Tokyo shares soared 5.68 percent, or 488.57 points,to 9,093.72 after diving 10.55 percent on Tuesday
Tokyo stocks led an Asian rebound on Wednesday as dealers sought bargains after heavy selling over the past two days amid concerns of a nuclear meltdown in Japan following last weeks earthquake.The Nikkei surged after suffering its heaviest two-day sell-off for 24 years as crews struggled to prevent a catastrophe at the troubled Fukushima plant northeast of Tokyo.Tokyo shares soared 5.68 percent, or 488.57 points, to 9,093.72 after diving 10.55 percent on Tuesday -- their worst performance since the collapse of Lehman Brothers in late 2008 -- and 6.18 percent on Monday.Exporters made big gains following heavy losses over the past two days due to the fact they had halted production in Japan following the 9.0-magnitude quake and consequent tsunami.On Wednesday Toyota Motor was up 9.14 percent and Sony gained 8.78 percent and Nintendo jumped 6.16 percent. However, Tokyo Electric Power, or TEPCO, the operator of the stricken nuclear power plant that lost around 25 percent on each of the previous two days, dived a further 24.57 percent.The strong performance on the Nikkei spurred other regional markets, with Sydney gaining 0.65 percent, or 29.5 points, to end at 4,558.2. Shanghai closed 1.19 percent, or 34.54 points, up at 2,930.80 while Hong Kong gained 0.10 percent, or 22.63 points, to end at 22,700.88. Seoul jumped 1.77 percent, or 34.05 points, to 1,957.97.Regional shares dived on Tuesday on a wave of panic selling after Japans Prime Minister Naoto Kan warned that radiation leaking from the Fukushima nuclear plant had reached levels that posed a threat to health.However, a fresh fire Wednesday and fears that containment pools holding spent fuel rods at one of the reactors had started to heat up highlighted the precariousness of the situation.
