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To: Boplicity who wrote (3286)	8/3/2000 6:26:22 AM
From: Gut Trader	Respond to of 13572

With Nikkei funds being sold Is the nikkei the canary in a coal mine Thursday August 3, 2:44 am Eastern Time Tokyo stocks close Traders said investment trusts were also selling, as more of their clients were pulling out of funds due to poor performance. ``A wave of selling is expected in the next couple of weeks,'' said Hiroaki Muto, chief investment manager at Nissay Asset Management Corp. But some analysts and fund managers saw encouraging signs in the recovery of the banking sub-index which firmed 0.73 percent, extending its rebound of the past few days after falling about eight percent in the aftermath of Sogo's failure. Fuji Bank Ltd rose 2.36 percent to 781 yen while Sumitomo Bank Ltd firmed 2.56 percent to 1,244 yen amid heavy trade. Yet Tsubasa's Takahashi said that while the sector seemed to have hit bottom, further gains were unlikely as the country's bad loan situation was showing no signs of improving. Medium-sized builder Inoue Kogyo Co Ltd won a $131.5 million debt waiver deal from its creditors on Thursday through court mediation. Turnover was a modest 527.29 million shares against 526.65 million on Wednesday. The second section index dropped 1.05 percent to 2,309.96, while the Nikkei over-the-counter index (^NOTC - news) eased 0.45 percent to 1,585.53 by late trade.