Tokyo stocks hover at 16-yr lows, techs under fire
TOKYO, March 13 (Reuters) - Tokyo stocks stayed weak by
mid-afternoon on Tuesday after sliding to fresh 16-year lows in
the morning, driven down by a plunge on Wall Street, high-tech
profit warnings and political uncertainty, traders said.
Tokyo's losses were broad-based, with high-tech shares such
as chip maker NEC Corp <6701.T> and financial issues including
Sumitomo Bank Ltd <8318.T> giving up major ground.
"We are in one of those periods when all hell is breaking
loose," said Takashi Yamazaki, chief investment officer at Tokio
Marine Asset Management, citing growing sings of an economic
slowdown, a wave of downward earnings revisions, a potential
political vacuum and prolonged tumble in the U.S. Nasdaq market.
The benchmark Nikkei average <.N225> was down 254.82 points
or 2.09 percent at 11,916.55 at 0504 GMT, after breaching the
12,000 level for the first time in 16 years in the morning
session.
The capital-weighted TOPIX index <.TOPX> fell 29.60 points or
2.45 percent to 1,176.38.
MORE
*** end of story ***
....guess they'll be selling those Van Goughs and Monets soon. |
