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To: GST who wrote (101889)	4/22/2000 2:13:00 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

>IMO MSFT is getting what it deserves. Gst, as an investor who got in on the Msft IPO...I resent that!! Watch out...you don't end up on a park bench in Hawaii.;-) >ASSOCIATED PRESS April 22, 2000 Japan's leading stock index plunged yesterday -- but, for once, economic woes and worries about Wall Street weren't to blame. Instead, stocks tumbled 3.7 percent in Tokyo because traders were altering their positions before next week's planned reshuffling of stocks in the Nikkei Stock Average. Besides, the U.S. and other financial markets were closed in observance of Good Friday. Of those that were operating, the currency markets provided the most intrigue, as the euro hovered near its all-time low. The dollar rose against the yen but slipped briefly against the euro in quiet trading. In Tokyo, the Nikkei index of 225 stocks fell 706.64 points to 18,252.68 points, wrapping up a week in which the index lost 2,181 points, or 11 percent of its value. The broader Tokyo Stock Price Index of all issues listed on the first section rose yesterday, confirming analysts' belief that much of the selling of the Nikkei was technical. The TOPIX gained 5.12 points, or 0.3 percent, to finish at 1,634.12. In Tokyo, stocks initially rose as investors were cheered by Thursday's 169.09-point rise in the Dow Jones industrial average. Later in the session, investors began selling industrial stocks that will be removed from the Nikkei index starting Monday. The Nihon Keizai newspaper, a major Japanese financial daily and the administrator of the Nikkei index, is dumping 30 stocks in favor of younger, technology-oriented companies, aiming to reflect changes in Japan's economy. For example, housewares maker Noritake and mining company Mitsui Mining will be dropped from the index, while TDK Corp., a maker of magnetic parts used in disk drives, will be added. The change mirrors last fall's shift in the Dow Jones industrial average, in which Chevron, Goodyear, Sears Roebuck and Union Carbide were bounced from the index in favor of Intel, Microsoft, Home Depot and SBC Communications. Changes to a prominent stock index can affect stocks' performance in a number of ways. Investment funds that try to mimic the performance of the index generally sell the stocks that are being removed and buy the replacement stocks to keep their portfolios in line with the indexes. Also, removal of stocks from the index tends to lower their prestige and makes them less attractive to investors. Because the stocks being added to the Nikkei are generally more expensive than the stocks being dropped, traders said investors who wanted them had to sell a broad range of shares to raise cash. "People were selling not only the old components that will leave the index, they were also selling those that will stay in the index," said Chuck Lambert, market analyst at Jardine Fleming Securities. Other global stock indexes were mostly higher. Markets in Thailand, South Korea and Taiwan finished quiet sessions with modest gains.