To: Don Green who wrote (99941 ) 2/27/2000 8:29:00 PM From: Felix Appolonia Read Replies (1) | Respond to of 186894
Sunday February 27, 7:51 pm Eastern Time Nikkei eases with Wall St, but losses seen limited TOKYO, Feb 28 (Reuters) - The Tokyo stock market's benchmark Nikkei average opened slightly weaker on Monday, pressured by a sharp drop on Wall Street at the end of last week. But traders said healthy demand from newly started investment trusts should keep the average supported at around 19,600 throughout the day. The Nikkei opened down 34.44 points or 0.17 percent at 19,783.44 and dipped further in the early minutes of trade. The March futures contract <0#JNI:> fell 100 points to 19,710 in early trade. Six domestic equity-oriented trusts were launched last Friday, raising a total of 188.58 billion yen in initial subscriptions. ``The Tokyo market also seems to be tracking the Nasdaq index rather than the Dow, so I think losses should be quite limited,' said Toshihiko Matsuno, deputy manager of investment advisory at Yamatane Securities. The Dow Jones industrial average (^DJI - news) fell 2.28 percent to 9,862.12 last Friday, closing below the closely watched 10,000 mark for the first time since April 1999. But the technology-heavy Nasdaq Composite Index (^IXIC - news) fell a more modest 0.59 percent to 4,590.50. Among key information technology shares, mobile phone operator NTT Docomo rose 4.02 percent to 4.4 million yen, extending its gains from last week when it rose on a Goldman Sachs report that reiterated a ``buy' recommendation on Docomo and kept its price target at 4.34 million yen. But other communication and technology shares were mixed, with Sony Corp shares slightly weaker. Active trade was dominated by individual factors such as earnings and corporate news reports. Aiwa Co Ltd was ask-only at 1,960 against its close on Friday at 2,280, after the company made a downward revision to its earnings forecast for the year to March. It now expects to post a parent current loss of 5.1 billion yen against a previous profit forecast of 3.3 billion yen. Its shares had risen on Friday ahead of the announcement, with some traders expecting there would be an upward revision. Mitsubishi Electric Corp rose 5.77 percent to 916 yen on a weekend report in the Nihon Keizai Shimbun financial daily that it was planning a technology alliance with Intel Corp (NasdaqNM:INTC - news) to develop next-generation cellular phones. Arabian Oil Co Ltd was ask-only at 790, down from Friday's closing price of 850 yen, after the oil producer said earlier on Monday it had lost its oil concession in the Saudi Arabian portion of the Neutral Zone.