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Politics : Formerly About Applied Materials

AMAT 268.79

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Jan 2 3:59 PM EST

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To: StanX Long who wrote (58878)	1/16/2002 12:48:53 AM
From: StanX Long	Read Replies (1) of 70976

Wednesday January 16, 11:49 AM Tokyo stocks mixed at midday as banks gain on Daiei By Risa Maeda sg.biz.yahoo.com TOKYO (Reuters) - Tokyo stocks were narrowly mixed at midday on Wednesday, with steep falls in tech issues due to a shockwave from U.S. chip giant Intel Corp (Singapore: INTC.SI - news)'s plan to cut capital spending balancing with higher bank shares. The tech-sensitive Nikkei average was down 28.30 points or 0.28 percent at 10,179.75, extending its losing streak into a sixth day. But the capital-weighted TOPIX index of all first-section issues gained 4.82 points or 0.49 percent to 985.14, quickly recovering from a morning low of 977.16. That was below the post-bubble closing low of 980.11 marked in October 1998. "Banks were higher as a solution to the Daiei issue seems to be looming," said Kazunori Jinnai, general manager of the equity department at Daiwa Securities SMBC. Mizuho Holdings Inc <8305> and other top banks gained after the Nihon Keizai Shimbun newspaper reported that Daiei Inc <8263> and its three biggest creditor banks were set to agree on a 400 billion yen ($3 billion) assistance plan later this week. Caution ahead of the end of the Bank of Japan's (BOJ) policy-setting meeting later in the day and technicals, which suggest a short-term rebound after the previous five days of falls, also underpinned market sentiment, analysts said.

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