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

To: StanX Long who wrote (63142)	4/24/2002 12:12:33 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Nikkei closes higher on earnings hopes host.wallstreetcity.com TOKYO, Apr 23, 2002 (Kyodo via COMTEX) -- The benchmark Nikkei Stock Average erased earlier losses and closed higher Tuesday, helped by investor hopes for an earnings improvement in the high-technology sector. The tech-heavy Nikkei gained 15.19 points, or 0.13%, to close at 11,736.83. But the capital-weighted Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange dropped 1.41 points, or 0.13%, to 1,104.50. Trading was brisk. Volume on the main section rose to 855.17 million shares from Monday's 752.96 million. Declining issues outnumbered gainers 806 to 555, and 122 issues closed unchanged. Tokyo stocks opened lower after an overnight sell-off on Wall Street, with the Nikkei down more than 140 points at one time. But the average moved into positive territory, moving up more than 90 points at one point in the afternoon. It was helped by high-tech issues that reversed their losses on hopes for a "V-shaped recovery," or a major rebound to profits for the fiscal year to March 2003 after weak results expected for the previous fiscal year. "Views are growing that corporate earnings reports that will pick up in earnest later in the week will show a V-shaped recovery," said Hiroichi Nishi, analyst at Nikko Cordial Securities Inc. High-tech heavyweights such as Sony Corp., Sharp Corp. and Kyocera Corp. are expected to report results Thursday and Friday.