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To: ms.smartest.person who wrote (1033)	4/10/2001 3:18:15 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Asia shares hesitant; U.S. earnings fears loom large SINGAPORE (Reuters) - Asian share markets shrugged off gains on Wall Street to turn mostly lower on Tuesday, rattled by the prospect of more bad news when a stream of U.S. firms reports earnings this week. Japan's Nikkei average closed down 1.72 percent, with brokers hit hard by profit-taking after posting big gains last week on hopes a government economic package would benefit them. Hong Kong's Hang Seng ended steady, up 0.09 percent at 12,213.67 as smaller bank shares powered ahead. On Monday, U.S. stocks eked out modest gains as light bargain hunting emerged and after Web retailing giant Amazon.com Inc (AMZN.forecast a smaller-than-expected loss. The tech-laced Nasdaq Composite Index rose 1.47 percent, buoyed by Internet and biotechnology stocks, although weakness in semiconductors capped gains. The blue-chip Dow Jones industrial average rose 0.55 percent. Its gains were limited, however, by weakness in high-tech shares like chip behemoth Intel and computing giant International Business Machines The U.S. earnings reporting period heats up this week, and analysts anticipate more bad news as the slowing economy grinds down corporate profits. The yen rebounded on Tuesday after Japanese Finance Minister Kiichi Miyazawa said Japan understood Asian countries' concerns about the currency's weakness. By 0913 GMT the dollar was quoted at 124.39 yen, having rallied 1.5 yen on Monday to top out at 125.47. NASDAQ WORRIES In Tokyo, the Nikkei weakened as investors stayed concerned over the impact of more poor U.S. earnings on the Nasdaq. ``People are worried the Nasdaq could renew its lows if some results from the U.S. come in worse than expected. Sentiment there is already very fragile,'' said Tsuyoshi Segawa, equity strategist at Shinko Securities. As well as losses among brokers, investors shied away from Rohm Co Ltd and other chip-related stocks as caution spread ahead of U.S. earnings. The brokerage sector subindex ISECU.fell 6.18 percent, after a report in the business daily Nihon Keizai Shimbun said the top three brokers were likely to post a decline in group pretax profits for the year to March. Analysts said the sector, which had been expected to benefit most from the government's economic package, was also hurt because the proposals lacked important details. In Hong Kong, local bank shares were boosted as talk of a takeover bid by Southeast Asia's largest bank, Singapore-based DBS Group, for the territory's fourth biggest bank, Dao Heng Bank, sparked hopes for a consolidation in the sector. South Korea's KOSPI closed down 1.26 percent at 491.21, a 28-month low. Selling by foreign funds also weighed on Taipei where the TAIEX had shed 0.89 percent by the close. AUSTRALIA HOLDS GAINS Australian shares however managed to hold gains in light trade, with News Corp helping the overall market. The S&P/ASX 200 closed 0.40 percent up at 3,228.5 after touching an intraday high of 3,233.60. ``There are confusing signals everywhere,'' said Joseph Pagliaro, head of brokerage Wilson HTM's private client business in Sydney. siliconvalley.com