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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (20867)	1/10/2002 9:21:26 PM
From: Sully-	Respond to of 99280

Tokyo stocks softer by midday, Daiei dives TOKYO, Jan 11 (Reuters) - Tokyo stocks slipped by midday on Friday, extending their slide into a fourth day after a pause in the yen's fall shifted investor attention back to bearish fundamentals centring on banks' prolonged bad-loan woes. Debt-ridden supermarket operator Daiei Inc remained under the spotlight after Standard & Poor's on Thursday cut its corporate credit rating, tossing cold water on its recent bull runs. Daiei lost 17.27 percent to 91 yen. ``When it comes to negative factors, we've got a mountain of them in the first place. A weaker yen has just masked them until now,'' said Toshihiko Matsuno, deputy general manager of the investment advisory office at Sakura Friend Securities. The dollar inched lower in early Asian trade as a mood for adjustment dominated the market after comments from Japanese officials on Thursday showing concerns over the speed of the yen's decline. The benchmark Nikkei average ended the morning down 53.18 points or 0.50 percent at 10,485.25. The broader TOPIX index (^TOPX - news) closed the morning down 7.03 points or 0.70 percent at 1,003.14 after briefly dipping below the 1,000 mark for the first time since December 27. Consumer electronics giant Matsushita Electric Industrial Co Ltd (MEI) and its group firms also drew attention after an announcement on Thursday of a group reshuffle. MEI said after the market closed on Thursday that it will take full control of five subsidiaries, including four whose shares are publicly listed, through a share swap. MEI fell 4.22 percent to 1,724 yen, while major cell phone maker Matsushita Communication Industrial Co Ltd (MCI) and other Matsushita units were bid up, moving in line with the value suggested in the share swap ratio. MCI ended the morning session bid-only at 4,310 yen, up by its daily limit of 500 yen. biz.yahoo.com