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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58524)	1/8/2002 4:17:44 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tuesday January 8, 4:00 PM Tokyo stocks end lower as four-day rally fades sg.biz.yahoo.com By Risa Maeda TOKYO, Jan 8 (Reuters) - Tokyo stocks closed lower on Tuesday after an end to Wall Street's New Year rally prompted investors, already nervous after a four-day winning streak, to lock in profits on major tech issues such as Sony Corp <6758.T>. "Short-term players actually made a fortune by selling today after enjoying a 7.36 percent rally (in the Nikkei over the previous four sessions)," said Tetsuya Ishijima, senior investment strategist at Okasan Securities. The benchmark Nikkei average <.N225> ended 246.76 points or 2.26 percent lower at 10,695.60 after closing at a six-week high the previous day. The Tokyo market had been bolstered in recent sessions by hopes for a recovery in the global chip industry and signs of a swifter resolution to Japanese banks' bad-loan woes. The capital-weighted TOPIX index <.TOPX> slid 23.37 points or 2.21 percent to 1,031.77. "This is what happens when U.S. stocks take a break," said Yuji Nakamura, strategist at Shinko Investment Trust Management, which manages 2.76 trillion yen ($21.05 billion) of investment trusts. "I'm afraid there are no Japan-specific factors that are strong enough at the moment to keep pushing the market higher." Consumer electronics giant Sony fell 1.7 percent to 6,360 yen after hitting a five-month intraday high of 6,510 yen the previous day. Copier and camera maker Canon Inc <7751.T> dropped 3.35 percent to 4,620 yen. Trading was modest with 715.19 million shares changing hands on the first section of the Tokyo Stock Exchange, up from Monday's 629.63 million. Volume, however, was down from the December average of 879.5 million shares. Losers overwhelmed gainers 1,205 to 194.