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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (137)	1/19/2001 11:37:39 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

WORLD STOCK MARKETS: Tokyo ahead for sixth session Financial Times; Jan 20, 2001 By BAYAN RAHMAN Tokyoshares closed higher yesterday for the sixthconsecutive day and the longest rally in 15 months, buoyed by a surge in technology shares, writes Bayan Rahman. The broader Topix index rose 1.78 to 1,312.79 and the Nikkei 300 was up 0.51 to 265.60. S&P's Topix 150 rose 4.21 to 1,180.35. Technology shares rose on gains in the US Nasdaq market and earning forecasts from US tech companies, which restored a measure of confidence to investors concerned about a slowdown in the technology sector. Sony rose Y230, or 2.6 per cent, to Y9,080, Toshiba gained Y46, or 5.9 per cent, to Y822 and NEC was up Y110, or 4.5 per cent, at Y2,560. Fujitsu gained Y95, or 4.8 per cent, to Y2,080. Softbank surged Y500, or 10.2 per cent, to Y5,390. Mitsubishi Motors rose Y18, or 5.3 per cent, to Y357 on expectations the company's alliance with DaimlerChrysler will result in speedier restructuring of the scandal-hit Japanese carmaker. Rolf Eckrodt, the company's new chief operating officer, said restructuring plans would be announced soon. Mitsubishi had been accused of covering up customer complaints and forced to engage in a costly recall of its product. Mitsubishi Chemical rose Y15, or 5.5 per cent, to Y286 on reports it was in talks with three companies to combine their polyethylene operations. Trading volumes were high at 788m shares but the momentum was neutral, 622 issues rising and 668 falling. In Osaka, the OSE rose 234.79 to 19,315.84. Hong Kong closed at its highest for more than three months as telecoms issues extended Thursday's sharp gains. The Hang Seng added 2.6 per cent to 15,933.55, making a gain of 4.2 per cent on the week. Pacific Century CyberWorks (PCCW) gained 8.8 per cent to HKDollars 4.625, adding to its 9.7 per cent recovery on Thursday. Trade is likely to be thin next week ahead of the Chinese lunar new year holiday. The market closes from midday Tuesday for the rest of the week. Seoul rose to its best level for four months on foreign demand for blue chips. The Nasdaq's overnight rally plus a surge for the Philadelphia chip index sparked strong demand and the kospi index ended 2.6 per cent higher at 619.78. Samsung Electronics led the way up, rising 4.6 per cent to Won230,000. Hyundai Electronics jumped 5.1 per cent to Won6,780. Pohang Iron and Steel rose 4.6 per cent to Won98,600. Total turnover fell slightly short of Thursday's levels. Manila rallied as civil unrest spilled over into the streets of the capital. The composite index, off 7.4 per cent over the two preceding sessions, rose 1 per cent to 1,452.93. However, brokers described the recovery as tentative and said trends would continue to be dictated by the chances of political reform and the uncertainty surrounding the future of the president, Joseph Estrada. Wellington gained ground for the seventh session running, adding a further 1.3 per cent to 1,997.24 on the 40 capital index amid good demand for leading stocks. NZ Telecom rose 2.2 per cent to NZDollars 5.68 and Fletcher Challenge Energy put on 2.1 per cent to NZDollars 8.80. The two stocks accounted for than 60 per cent of the day's total trading volume. Copyright: The Financial Times Limited globalarchive.ft.com