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To: DebtBomb who wrote (10021)	8/8/2001 10:51:54 PM
From: keithcray	Read Replies (1) \| Respond to of 208838

Tokyo stocks stumble,pulled down by techs,telecoms Wednesday August 8, 10:29 pm Eastern Time (UPDATE: Updates to midday) TOKYO, Aug 9 (Reuters) - Tokyo stocks dropped sharply by midday on Thursday after Nikko Salomon Smith Barney cut its target prices for telecoms shares, dealing an additional blow to investor sentiment already bruised by falls on Wall Street. -------------------------------------------------------------------------------- Chip stocks also headed south following the Nasdaq index's (^IXIC - news) dip below the key 2,000 mark. The fall dampened investors' spirits, which were boosted temporarily last week by comments from Merrill Lynch that the worst may be over for global chip firms. ``Investors have been disappointed by the realisation that, after all, the tech sector's bottom has not come in sight yet,'' said Tsuyoshi Segawa, equity strategist at Shinko Securities. The Nikkei average finished the morning down 261.32 points or 2.15 percent at 11,902.35, slipping below the psychologically key 12,000 mark for the first time since August 1. The broader TOPIX index (^TOPX - news) fell 22.55 points or 1.85 percent to 1,195.37. Dominant mobile phone carrier NTT DoCoMo Inc fell 5.95 percent to 1.74 million yen, after Nikko Salomon cut its target price to 3.01 million yen from 3.52 million. Telecoms titan Nippon Telegraph and Telephone Corp , whose target price was cut to 706,000 yen from 949,000 yen, lost 3.82 percent to 630,000 yen. Following a 4.9 percent fall in the Philadelphia Stock Exchange's semiconductor index (^SOXX - news), Japan's top chipmaker, Toshiba Corp , fell 3.45 percent to 616 yen, while second-largest NEC Corp lost 3.92 percent to 1,690 yen. Builders such as Nishimatsu Construction Co Ltd receded ground. The stocks had gained 20 percent in the last three weeks on hopes builders would benefit from an expected emphasis on urban revitalisation in next year's budget. ``When things turn for the worse like today, even promising stocks tend to be sold in a bundle with other shares,'' said Kazunori Jinnai, equities general manager at Daiwa Securities