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

To: StanX Long who wrote (59577)	1/29/2002 3:20:00 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tuesday January 29, 3:00 PM Asian stock rally cools, yen stays on the offensive sg.news.yahoo.com By Richard Baum SINGAPORE, Jan 29 (Reuters) - Asia's 2002 equity rally cooled on Tuesday as worries about technology company earnings hurt the Tokyo and Taipei markets, but Singapore and Malaysia trundled to new peaks and a stronger yen regained another key dollar level. Disappointing earnings forecasts from Japan's Toshiba Corp <6502.T> and Singapore's Chartered Semiconductor Manufacturing cast doubt on the pace of recovery in the region's crucial technology industries. "The result announced by Chartered wasn't definitive at all of the pace of the recovery," said Nicholas Yeo, fund manager at Aberdeen Asset Management Asia, which manages about US$2.5 billion. "So we are not too sure what sort of a recovery we are going to get, especially in the technology sector where the prices had been suggesting we are getting a much better recovery." The dollar slipped to 133 yen for the first time in five days, half a cent weaker than in late New York trade, swayed by action in the euro/yen cross and the Canadian dollar. Bank of Japan Governor Masaru Hayami repeated his opposition to a weaker yen, but traders said his comments were not new. Japanese share prices fell, snapping a three-day winning streak, after chip maker Toshiba issued an earnings forecast that came in under market expectations.