Henry
Are you from Pittsburgh? I was raised in Bethel Park now reside and work in Saudi Arabia.
Back to Sony!
I just got in yesterday. I think this stock will be one of the strong ones leading Japan higher. Sort of an IBM of japan. Nice story
Tuesday March 9 5:42 AM ET
Sony Moves Boost Tokyo Stocks
By Clarence Fernandez
SINGAPORE (Reuters) - Tokyo stocks closed two percent higher Tuesday, powered by news of
restructuring moves by electronics giant Sony Corp (NYSE:SNE - news) that aim to consolidate its
businesses and cut its workforce by 10 percent.
Tokyo's benchmark Nikkei index climbed 317.65 points to end at 15,096.70, rising above 15,000
for the first time since last November.
''It is a combination of themes -- restructuring, a lower yen and lower interest rates -- that have
made the market start to look very interesting,'' said Brandon Ginsberg, a salesman at Salomon
Brothers Asia Ltd.
''Two weeks ago, it was a much gloomier outlook.''
Bulls grappled with profit-takers in other Asian markets.
Hong Kong shares jumped 2.6 percent, but stocks in Thailand lost two percent, and shares in
Indonesia and the Philippines surrendered about 1.5 percent each.
The dollar slipped against the yen by late afternoon, weighed down by a rise in Japanese government
bond yields and receding prospects of further monetary easing steps by the Bank of Japan.
By 1020 GMT, the dollar was trading at 121.53/58 yen, compared with 121.60/70 in late New
York Monday.
Bank of Japan Governor Masaru Hayami's comments to a parliamentary committee that he expected
interest rates to rise over time depressed sentiment in the dollar, dealers said.
''I want the public to be patient for a while because I think we can expect a rise in interest rates
(over time),'' he said.
Hayami's comments triggered a rise in JGB yields and hurt the dollar, dealers said. The key 10-year
JGB yield stood at 1.70 percent as of 0646 GMT, up from Monday's close of 1.625 percent.
Shares in Sony Corp ended up 8.86 percent after the electronics giant announced it would reduce its
work force by 10 percent over the next four years and make three affiliates wholly owned units in a
bid to revive its flagging profitability.
Other stocks rode Sony's coattails higher. ''
The whole market is moving on the Sony effect,'' said a
trader at a medium-sized securities house.
Regards
Neil
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T |
