Nikkei ends firmer, high-techs seen set to recover
TOKYO, Jan 7 (Reuters) - Tokyo's benchmark Nikkei stock average ended barely firmer on
Friday, buoyed by rising hopes that high-technology issues are poised for a recovery after
recent setbacks and by solid buying in defensive sectors.
The Nikkei 225 closed 25.14 points or 0.14 percent higher at 18,193.41, after zigzagging between negative and positive territory
throughout the day as players tried to guess whether high-tech shares had bottomed out.
March Nikkei futures <0#JNI:> ended 270 points higher at 18,170.
''Market sentiment is not that bad right now considering the strong correction in high-techs, with more winners than losers,'' said a
strategist at a Japanese brokerage. ''Everyone's watching when Sony will stop falling, and I think most see it doing so around this
level.''
Sony Corp shares ended down their daily limit of 2,000 yen or 7.78 percent at 23,700, shedding more than 25 percent since the
start of the year's trading on Tuesday when they recorded a lifetime high of 32,250.
Sony shares came under renewed selling pressure after President Nobuyuki Idei told Reuters on Thursday that 20,000 yen was an
appropriate price for his company's shares given current earnings, and that anything above that would be a ''bubble.''
(Note: this article is ''in progress''; there will likely be an update soon.)
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