Nikkei down 0.17% as fiber-optic, telecom shares drop
By Mariko Ando, CBS.MarketWatch.com
Last Update: 9:00 PM ET Jun 17, 2001
TOKYO (CBS.MW) - Tokyo stocks eased at the start of trade Monday, with telecom-related shares leading the way following the Canadian networking and fiber-optic gear leader Nortel's earnings warning.
Fiber-optic parts makers such as Furukawa Electric Industrial and Kyocera (KYO) suffered from big losses after Nortel (NT) warned Friday that it would have a net loss of $19.2 billion in the second quarter and announced suspension of its dividend payment and a reduction of 10,000 jobs.
In early morning in Tokyo, the Nikkei Average was down 0.17 percent, or 21.97 points, at 12,768.41. The broader TOPIX fell 0.22 percent to 1,262.58. The bottom line was supported, however, as investors scooped up bargains after the indexes posted steep declines in the recent sessions.
South Korea's Kospi fell 0.92 percent to 613.28 points by early morning as both telecom and technology shares headed south.
Australia's All Ordinaries Index lost 0.63 percent to 3,330.00 points while New Zealand's NZ Top 40 was standing steady at 2,051.00 points by mid morning.
The dollar slightly firmed against the yen and trading at 122.98 yen early morning Tokyo, up from 122.90 yen in New York late Friday. It changed hands at 121.40 yen late Friday in Tokyo.
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Mariko Ando is a Tokyo-based reporter for CBS MarketWatch.com. |
