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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (40750)	8/29/2001 10:39:54 PM
From: Dealer	Respond to of 65232

Nikkei falls further; banks on the skid Seoul, Sydney also lower on Wall Street's losses By Mariko Ando, CBS.MarketWatch.com Last Update: 9:06 PM ET Aug 29, 2001 TOKYO (CBS.MW) - Japan's Nikkei extended its losses Thursday after hitting a 17-year low the previous day. Banking shares fell again amid fears that a prolonged weakness in Japanese stock prices would eat up their asset value. In early morning trade, the Nikkei Average was down 0.44 percent, or 48.42 points, at 10,931.34. On Wednesday, the index closed below the key 11,000 mark for the first time in nearly 17 years. The broader Topix lost 1.46 percent to 1,110.45. Major banks such as UFJ Holdings and Mizuho Holdings put grease on their slide as investors continued to worry that continued weakness in Japanese stocks would boost losses and make it more difficult for banks to cope with bad loans. Financial Services Minister Hakuo Yanagisawa also said Tuesday that it would take another 7 years to reduce the amount of bad loans at major banks to 7 trillion yen ($58.3 billion) from the current 17.4 trillion yen, triggering fears that banks are less likely to return to profit for a while. Continued weakness on Wall Street also hurt market sentiment. On Wednesday, the Nasdaq slipped 1.17 percent while the Dow lost 1.28 percent, nearing its four-month closing low of 10,090.90. South Korea's Kospi opened down 1.78 percent at 555.58. Australia's All Ordinaries Index fell 0.15 percent to 3,283.60 in early morning trade. The dollar was quoted recently at 120.19 yen in early morning trade in Tokyo, little moved from 120.20 yen in New York late Wednesday. It changed hands at 119.98 yen late Wednesday in Tokyo. --------------------------------------------------------------------------------