Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: StanX Long who wrote (63196)	4/25/2002 2:47:16 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tokyo stocks slip ahead of high-tech earnings reports host.wallstreetcity.com TOKYO, Apr 24, 2002 (Kyodo via COMTEX) -- Tokyo stocks slipped Wednesday, as losses in high-priced technology shares shunned ahead of earnings announcements later in the week swallowed gains in lower-priced basic materials producers. The 225-issue Nikkei Stock Average lost 63.95 points, or 0.54%, to close at 11,672.88. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange shed 5.78 points, or 0.52%, to 1,098.72. Trading was moderate, with volume on the main section dropping slightly to 818.33 million shares from 855.17 million on Tuesday. Decliners outnumbered advancers 880 to 455, while 153 issues closed unchanged. Tokyo shares opened higher despite an overnight drop on Wall Street, but surrendered to selling pressure in the first 15 minutes of trading. They ventured into positive territory in the afternoon before closing the session lower. "A wait-and-see mood prevailed today because investors wanted to confirm the results of the earnings reports by high-tech companies," said Hidenori Karaki, general manager at Tokyo Mitsubishi Personal Securities Co. High-tech heavyweights such as Sony, Sharp, NEC and Kyocera are set to announce their earnings for fiscal 2001 and forecasts for fiscal 2002 on Thursday and Friday. Hopes that the high-tech companies will forecast a sharp profit recovery for the fiscal year to March 2003 have driven up share prices recently. Brokers said that although investors stayed away from the high-tech sector in Wednesday's session, they were still optimistic about the forecasts. Profit-taking took the upper hand in the sector on Wednesday because "if they buy now, it would be like gambling," said Masafumi Nakayama, a strategist at Mito Securities Co. Brokers said another reason behind the day's fall was that investors were unwilling to trade actively ahead of Sunday's by-elections for Diet seats in Niigata and Wakayama prefectures and a gubernatorial race in Tokushima Prefecture. The outcome of the triple elections, and of the two Diet seats in particular, will be crucial for Prime Minister Junichiro Koizumi, whose once sky-high popularity has fallen recently due to a string of political scandals.