Firming up ? begining to bounce ? or ?
Tokyo techs firm despite corporate worries
By Ken Hijino in Tokyo
Published: February 20 2001 02:31GMT | Last Updated: February 20 2001 04:46GMT
Tokyo shares inched forward in morning trade on Tuesday as tech issues firmed despite concerns of further profit warnings expected to be announced from the sector later in the day.
By midday, the Nikkei 225 gained 54.92 or 0.41 per cent to 13,174.01, while the capital-weighted Topix firmed 3.69 to 1,241.49.
Gainers outnumbered fallers 690 to 465, as a total of 253m shares exchanged hands.
Chipmakers showed resilience despite media reports that the sector was expecting to announce downward revisions in their earning forecasts. Analysts suggested that the market has already calculated in these downward revisions into these tech issues.
NEC firmed 1 per cent to Y2,090, Advantest gained 2.3 per cent to Y14,500, and Tokyo Electron rose 2.6 per cent to Y8,650.
NEC, Japan's largest chip maker, announced after markets closed for lunch that it has cut group net profits by 33 per cent for the year ending March.
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