Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Nokia (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Lurgio who wrote (3779)	3/15/2000 10:37:00 AM
From: Jim Lurgio	Respond to of 34857

Bloomberg of Asia is reporting the same thing on DDI. quote.bloomberg.com Top Financial News Wed, 15 Mar 2000, 11:27pm HKT Japanese Stocks Mixed; Lenders Slide on Year-End Selling as DoCoMo Rises By Jim Bonner Japanese Stocks Mixed; Banks Slide as NTT DoCoMo, Sony Advance Tokyo, March 15 (Bloomberg) -- Japanese bank shares fell, led by Bank of Tokyo-Mitsubishi Ltd. and other companies which belong to business groupings, as they sold off long-held shares in each other before the end of the fiscal year March 31. NTT Mobile Communications Network Inc. rose - leaving key indexes mixed -- on reports DDI Corp. will adopt a standard its promoting for new cellular phones. Sony Corp. and other Internet- related companies, which slumped this month, rose as investors deemed the decline in prices overdone given the position they have within their industries. ``Some of the Internet companies have fallen a bit far given they are making products which are popular and making money,' said Sho Ikeda, general manager of investment research at Nikko Asset Management Co., which manages 2.5 trillion yen ($24 billion). Also, ``it's nearly the last chance' for business groups ``to unwind shareholdings before the end of the year.' The Topix index of all stocks on the Tokyo Stock Exchange's first section rose 10.86, or 0.7 percent, to 1592.83. The Nikkei 225 stock average lost 230.79, or 1.2 percent, to 18,911.05. Nikkei futures for June delivery in Osaka fell 110 yen to 18,880 and dropped 85 yen to 18,880 in Singapore. Foreign investors bought two million shares more than they sold at the open through 10 brokerages. Some 284 million shares traded, on track to match the six- month daily average of 614 million. Shares that fell outnumbered those that rose seven to five. Bank of Tokyo-Mitsubishi tumbled 66 yen to 1,373, while Sumitomo Bank Ltd. fell 32 yen to 1,283 and Dai-Ichi Kangyo Bank Ltd. slipped 35 yen to 885. Some companies belonging to so-called ``keiretsu' business groups took advantage of a three-week, 15 percent rally in the Topix bank sub-index to sell shares they had originally bought to cement ties with banks, which then provided them with cheap loans. ``If the banks sell shares in other companies, then they'll turn round and do the same thing to the banks,' said Shigeo Ogasawara, a sales manager at Tachibana Securities Co. ``This is gathering pace before the end of the year.' Other losers included Asahi Chemical Industry Co., Japan's second-largest chemical maker, which dropped 15 yen to 655. Nippon Steel Corp., the world's second-largest steel maker, fell 7 yen to 216. W-CDMA NTT Mobile Communications Network Inc., Japan's largest cell phone company and a pioneer in putting mobile customers online, rose 350,000 yen to 4.2 million yen after the Nihon Keizai newspaper said DDI Corp. will choose W-CDMA for its new generation of cell phones. NTT DoCoMo, as the stock is better known, has now risen 28 percent in two days. Sony, which released the successor to its best-selling PlayStation game console on March 4, rose 1,210 to 26,600, after its shares lost a quarter of their value in an eight-day slump this month. Softbank Corp., one of the world's largest investors in online businesses, rose its daily limit of 5,000 yen and was untraded on a glut of buy bids after it plunged nearly 50 percent in 12 days.