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Strategies & Market Trends : The Thread -- Ignore unavailable to you. Want to Upgrade?

To: Ian McGuire who wrote (37045)	3/13/2001 12:24:20 AM
From: 2MAR$	Read Replies (1) \| Respond to of 49816

Tokyo stocks hover at 16-yr lows, techs under fire TOKYO, March 13 (Reuters) - Tokyo stocks stayed weak by mid-afternoon on Tuesday after sliding to fresh 16-year lows in the morning, driven down by a plunge on Wall Street, high-tech profit warnings and political uncertainty, traders said. Tokyo's losses were broad-based, with high-tech shares such as chip maker NEC Corp <6701.T> and financial issues including Sumitomo Bank Ltd <8318.T> giving up major ground. "We are in one of those periods when all hell is breaking loose," said Takashi Yamazaki, chief investment officer at Tokio Marine Asset Management, citing growing sings of an economic slowdown, a wave of downward earnings revisions, a potential political vacuum and prolonged tumble in the U.S. Nasdaq market. The benchmark Nikkei average <.N225> was down 254.82 points or 2.09 percent at 11,916.55 at 0504 GMT, after breaching the 12,000 level for the first time in 16 years in the morning session. The capital-weighted TOPIX index <.TOPX> fell 29.60 points or 2.45 percent to 1,176.38. MORE * end of story * ....guess they'll be selling those Van Goughs and Monets soon.