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

To: StanX Long who wrote (58880)	1/16/2002 12:57:31 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

01/16 00:40 Asian Stocks: Nikkei Rises; Kospi Declines as Chipmakers Fall By Michael Tsang and Yukiko Takai quote.bloomberg.com Tokyo, Jan. 16 (Bloomberg) -- Japanese stocks rose for the first day in six, led by banks such as UFJ Holdings Inc., on a report Daiei Inc.'s creditors will convert some of the retailer's loans into equity, raising optimism more lenders may employ that strategy to chase payment from troubled borrowers. ``The debt-to-equity swap allows banks to reduce the amount of their bad loans,'' said Fumiyasu Sato, chief investment officer of CDC IXIS Asset Management Japan Co., which manages 150 billion yen ($1.1 billion) in Japanese equities. ``It's the first time Japanese banks are using this method,'' suggesting they are trying every possible way to trim their bad debts. The Nikkei 225 stock average rose 49.09, or 0.5 percent, to 10,257.14. The Topix index of all shares on the Tokyo Stock Exchange's first section added 10.20, or 1 percent, to 990.52, with banks as a group accounting for about 30 percent of the Topix's gain. Samsung Electronics Co. pushed Korea's Kospi index lower after the biggest maker of computer-memory chips said fourth- quarter profit declined a more-than-expected 64 percent. ``The reality is that growth will take place at a much slower pace than when the computer-related industry was booming,'' said Hajime Yagi, a senior portfolio manager at Meiji Dresdner Asset Management Co., which handles about $1 billion in Japanese equities. Korea's Kospi index slid 0.3 percent to 716.66, led by Samsung Electronics, which said profit fell to 403 billion won ($303 million) in the fourth quarter, from 1.1 trillion won in the year-earlier period.