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

To: StanX Long who wrote (61304)	3/3/2002 10:49:45 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Crackdown on short-selling likely to prop up Tokyo stocks By Nathan Layne sg.biz.yahoo.com Sunday March 3, 6:33 PM TOKYO (Reuters) - Tokyo stocks are expected to hold steady this week, propped up by the government's crackdown on short-selling and growing hopes for a global economic recovery after Wall Street's surge on Friday. "I'm a bit concerned about the fast pace of our rise last week, but New York's jump should spur more short-covering and help the Nikkei recover the 11,000 mark," said Masatoshi Sato, manager of the equity division at Mizuho Investors Securities. The Financial Services Agency has beefed up its regulations of short sales, and punished four foreign brokers last week for violations of the rules to show its resolve. The result was a rush by hedge funds and other investors to cover their short positions, pushing the benchmark Nikkei average to a two-month high of 10,812.00 on Friday, notching up a 4.4 percent gain on the week. Analysts said the Nikkei would move between 10,400 and 11,200 this week, with technical resistance seen at 11,186.75 -- a six-month intraday high marked in November.