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Technology Stocks : Softbank Group Corp -- Ignore unavailable to you. Want to Upgrade?

To: Hans U. Tschanz who wrote (4686)	3/30/2000 9:15:00 AM
From: TobagoJack	Read Replies (1) \| Respond to of 6020

US and Japan market down, but we be up, on limit, without much trading, again, again and yet again. Thursday, March 30, 2000 Stocks: End Down On Correction; Nikkei Falls 1.3% TOKYO (Dow Jones)--The Nikkei 225 stock average finished down 1.3% Thursday as brokerage dealers and other short-term investors took profits after the index rose for four straight sessions through Wednesday, racking up 1002.05 points, or 5%. Traders said the Nikkei's fall Thursday was a technical correction and may possibly continue through Friday if window-dressing doesn't emerge on the last day of the current fiscal year. The Nikkei Stock Average of 225 selected issues fell 265.15 points Thursday to 20441.50 after a 332.31-point rise Wednesday. The near-term June Nikkei futures contract ended down 240 at 20430 on the Osaka Securities Exchange. On the Tokyo Stock Exchange's First Section, 892 issues fell, with 381 issues ending higher and 121 unchanged from Wednesday. The Topix index of all the TSE First Section issues fell 20.39 points to 1712.45. Volume on the First Section of the Tokyo Stock Exchange is estimated at 570.82 million shares, down from 622.19 million shares Wednesday. Many local institutional investors stayed on the sidelines, while foreign investors were net buyers, traders said. "Today's falls were the impact of a technical correction. Investors who targeted a March 31 close on the Nikkei above 20000 have relaxed buying now that index has climbed well above that level," said a senior equities official at a bank-affiliated brokerage firm. "If window-dressing emerges (on Friday), the Nikkei could rise towards 20800. On the other hand, an additional correction will likely push the Nikkei towards 20300 in an absence of window-dressing," he said. Traders generally downplayed the impact of the TSE's request in a letter last week that brokerages refrain from taking window-dressing orders. "I suspect window-dressing will probably emerge, as fiscal year-end share prices are so crucial to local banks," said a trader at a local institution. The news that Tiger Management LLC is expected to close much of its operations and will likely liquidate the bulk of its $6 billion in investments had limited impact on the Tokyo stock market Thursday, traders said. Traders speculated that the U.S. based hedge fund may have already unwound most of its positions, at least in the local market. Some speculated that rallies earlier by NTT and bank stocks may have been due to short-covering by Tiger. Tiger probably didn't have many positions on Nikkei futures and was more focused on individual stocks, according to a source close to Tiger Management's Japan operations. In Thursday's trading, those value stocks that led rallies in recent sessions paced declines. Sumitomo Metal Industries dropped 4 yen to 77 yen, while Nippon Steel slid 3 yen to 244 yen. Kawasaki Steel fell 5 yen to 172 yen, while NKK closed flat at 66 yen. Nippon Telegraph & Telephone fell 30,000 yen to 1.63 million yen after five straight sessions of gains. NTT DoCoMo closed down 60,000 yen at 4.31 million yen, while NTT Data rose 40,000 yen to 2.04 million yen. Internet stocks were higher, with Softbank Corp. finishing limit-up, or up 5,000 yen from Wednesday, at 96,500 yen, and Hikari Tsushin also limit up, gaining 5,000 yen, at 78,800 yen.