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Politics : Formerly About Applied Materials

AMAT 268.79

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3:59 PM EST

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To: StanX Long who wrote (61016)	2/27/2002 2:55:53 AM
From: StanX Long	Read Replies (1) of 70976

Tokyo stocks rise with banks leading the way Wednesday February 27, 12:45 PM sg.biz.yahoo.com TOKYO (Reuters) - Tokyo shares posted big gains by midday on Wednesday as sentiment firmed on the yen's resilience, which allayed fears of foreigners' dumping their Japanese shares due to a disappointing package of anti-deflation measures. Bank shares advanced on the back of the market's upturn, while caution over stricter regulations on short-selling hastened buy-backs, especially in low-priced issues. Buying from public pension funds was also detected. Traders said they were probably trying to support the market ahead of the much-awaited announcement of the government's economic package. The Nikkei average was up 253.18 points or 2.48 percent at 10,455.81 at midday. The broader TOPIX index rose 13.61 points or 1.38 percent to 997.43. "The market has already moved on (disappointment with) the package because the draft plan was out yesterday," said Tatsuyuki Kawasaki, director at Kaneyama Securities' equities trading division. "A big relief for us was that the package's disappointing draft did not trigger hectic selling of the Japanese currency overnight. The risk of foreign investors' selling on Japan seems to be small for now," he added. The Tokyo share market fell on the previous day as investors factored in a lack of fresh steps in the government's anti-deflation package, an outline of which was unveiled on Tuesday.

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