TOKYO, May 20 (Xinhua) -- Tokyo stocks closed higher Monday as data showing Japan's economic growth in the first quarter beat median market expectation, although gains were capped by ongoing concerns over the future course of the global economy.
The 225-issue Nikkei Stock Average gained 51.64 points, or 0.24 percent, from Friday to close the day at 21,301.73.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, edged 0.67 point, or 0.04 percent, higher to finish at 1,554.92.
Government data showing Japan's economy grew at an annualized rate of 2.1 percent in the January-March quarter saw trading get off to a bright start, brokers here said, as the expansion beat expectations, with market players predominantly expecting a contraction.
Akira Tanoue, a senior strategist of the investment research department at Nomura Securities Co., said that the data surprised the market, inferring that recent key economic indicators had pointed to Japan's economy as having possibly contracted in the recording period.
"It came as a surprise as the market originally projected a contraction," Tanoue was quoted as saying.
Gains were capped in later trade however as the GDP data showed that domestic demand and private consumption had been weak, with investors wary that October's consumption tax being hiked from 8 to 10 percent, under the government's current plan, could spell recession for the world's third-largest economy as businesses and households tighten their purse strings.
Real estate issues trended higher Monday, however, as the GDP data revealed an uptick in investments in the private residential sector, while cyclical issues spanning semiconductor and electronics makers lost ground, owing to ongoing concerns over the outlook for the global economy, market analysts here highlighted.
By the close of play, real estate, farm and fishery, and land transportation-linked issues comprised those that advanced the most, and issues that fell outpaced those that rose by 1,203 to 855 on the First Section, while 82 ended the day unchanged.
On the main section on Monday, 1,178.24 million shares changed hands, dropping from Friday's volume of 1,349.52 million shares.
The turnover on the first trading day of the week came to 1,984.6 billion yen (18.03 billion U.S. dollars).
