Around the World's Markets: Tokyo

Wednesday 05 August 1998 23:02 BST

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THE SLIDE in Tokyo shares came to a halt yesterday after a rally in banking stocks and a flood of public pension buying. The benchmark Nikkei average closed down 31.42 points at 15,992.16.

The decision by the government to make tax cuts for businesses and taxpayers helped halt the slide in shares. Bank shares, heavily hit in the past few days, led the rally: the Nikkei banks index jumped 0.96 per cent. Some dealers felt investors were taking advantage of recent falls to build back positions.

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