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To: mact who wrote (5400)	7/28/2000 1:37:25 AM
From: TobagoJack	Respond to of 6018

Like it. I had mostly ran for the hills some time ago, and now I climb the mountain. But, I still got some troops out there on the plains (positions in 9984, 5801, 6758, AOL, CHL, MO, CNC, NEM, SWC, etc etc). Exited PHCM. Every now and then I toss out a scouting party and pick up some fallen bodies, but get bloodied each time.

To: mact who wrote (5400)	7/28/2000 7:25:05 AM
From: TobagoJack	Respond to of 6018

Friday, July 28, 2000 Nomura Analyst: Too Early For Bargain-Hunting Japan Stks TOKYO (Dow Jones)--It's too early for bargain-hunting in the Tokyo stock market despite recent heavy falls in stock prices, a strategist at Nomura Securities Co. (8604) said in a report Friday. The Topix index of all Tokyo Stock Exchange First Section stocks ended below the key 1500 mark Thursday for the first time since October, 1999. Friday it lost a further 24.90 to end at 1452.93. "The value of shares (in light of such factors as the size of issuers' assets and profits) has improved since the Topix index fell 15.8% from its (year) high in February," said Chisato Haganuma, adding, "I don't think its time to buy yet...I recommend waiting until an explanation for the ongoing round of falls is clear and once technical indicators signal a bottom has been found," the analyst said. Haganuma said the market has recognized only the unwinding of cross-shareholdings as a factor behind recent share price falls and that it hasn't become clear which other factors are also involved. Among possible factors, the strategist cited the weaker-than-expected speed of recovery in the economy and corporate earnings, as well as the emergence of a correction phase in global equity markets. Haganuma also cited renewed concerns about Japan's financial system in the wake of Sogo Co.'s (J.SOG or 8234) application for court protection. "In the aftermath of Sogo's filing for civil rehabilitation, financial institutions with insufficient (loan loss) reserves face a tough earnings environment," he said. Pension funds and other long-term investment players looking to bargain-hunt are expected to support the market after share price falls pulled down the value-based allocation of equities in their portfolios. Haganuma also said these investors' appetite for investment instruments other than equities should be limited, given current low bond yields and unclear prospects for foreign exchange rates.