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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Yorikke who wrote (3234)	2/8/2001 2:17:22 AM
From: Yorikke	Read Replies (1) of 33421

Nikkei hits 28-month Low biz.yahoo.com The Kyoto-based manufacturer garners 41 percent of its revenues from wireless communications devices. The banking sector took the market's slide hard, with its sub-index falling 3.34 percent -- a level last seen in October 1998 -- as investor concern heightens over growing latent losses and how they will look on the banks' books when the fiscal year closes at the end of March. ``The market is increasingly worried about whether some of the weaker large banks will take substantial hits to their capital bases by unrealised losses on their securities holdings,'' said Garry Evans, strategist at HSBC Securities. The sector is also under selling pressure by Japanese corporations which traditionally hold bank shares to keep ties with their creditors, but who are now focusing more on their balance sheets ahead of the introduction in April of new mark-to-market accounting rules. Sumitomo Trust & Banking Co Ltd lost 5.0 percent to 703 yen, while Mizuho Holdings , the world's biggest bank by assets, was 4.34 percent lighter at 595,000 yen, now 40 percent off a peak hit several days after listing in late September.

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