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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: westpacific who wrote (68384)	5/16/2002 7:28:08 PM
From: Sully-	Read Replies (2) \| Respond to of 99280

Reuters Market News Tokyo stocks seen opening up on strong chip data TOKYO, May 17 (Reuters) - Tokyo stocks are expected to open higher on Friday with investors likely picking up tech issues after data showed North American makers of chip equipment recorded an increase in orders for the fifth straight month. The April data by Semiconductor Equipment and Materials International represents a book-to-bill ratio of 1.20, meaning that $120 worth of new orders were received for every $100 of products shipped. A ratio above 1.0 suggests the industry may be strengthening. "High-tech issues are likely to be cheered up by the data," said Yutaka Miura, deputy manager of Shinko Securities' equity information section. "The market's basic momentum will be kept since the Nikkei passed through an April high yesterday and now its March high is in sight." On March 11, the benchmark Nikkei average (^N225 - News) ended at 11,919.30, the highest close since August last year. But recent buyers may lock in profits if the Nikkei gets closer to the psychological barrier of 12,000. Analysts said the Nikkei would likely move between 11,600 and 11,900. On Thursday, it rose for a third day to close at an eight-week high of 11,738.69, having gained 3.54 percent in the past three days. The average's 14-day relative strength index (RSI) was 62.8, getting close to the overbought 70 line. Firms reporting earnings on Friday include Japan's top general contractor Shimizu Corp (Tokyo:1803.T - News) and its peers -- Taisei Corp (Tokyo:1801.T - News), Obayashi Corp (Tokyo:1802.T - News) and Kajima Corp (Tokyo:1812.T - News) -- as well as real estate firm Mitsui Fudosan Co Ltd (Tokyo:8801.T - News) and Japan's top drugmaker, Takeda Chemical Industries Ltd (Tokyo:4502.T - News). STOCKS TO WATCH -- Matsushita Electric Industrial Co (Tokyo:6752.T - News). The Nihon Keizai Shimbun reported the maker of Panasonic and National goods will spend 50 billion yen ($390 million) to build a new plasma display plant to triple its current output capacity by next spring. -- Kyocera Corp (Tokyo:6971.T - News). The electronics parts maker said on Thursday it will make Toshiba Chemical Corp (Tokyo:4232.T - News), currently 57 percent owned by Toshiba Corp (Tokyo:6502.T - News), its wholly owned company in August through a share swap. The move was aimed at boosting Kyocera's competitive edge by acquiring the fine chemical division of Toshiba. Kyocera said one Toshiba Chemical share will be swapped for 0.022 Kyocera share. -- KDDI Corp (Tokyo:9433.T - News). Japan's second-largest telecoms firm on Thursday posted lower profits for the business year ended in March on write-downs of idle assets but said restructuring and new mobile services would help boost profits this year. For 2002/03, KDDI expects group net profit to more than triple to 49 billion yen. -- Nomura Holdings Inc (Tokyo:8604.T - News). Japan's biggest brokerage said on Thursday it would propose a scheme to buy back up to 100 million of its own shares -- five percent of those outstanding -- or 250 billion yen worth. -- Japan Tobacco Inc (JT) (Tokyo:2914.T - News). The world's third-largest tobacco group on Thursday reported a 15.6 percent profit decline in the year just ended, hit by a hefty one-off restructuring charge to make it more competitive. For the year that started in April, JT forecast group net profit will rise about 90 percent to 70 billion yen, with sales seen steady 4.55 trillion yen. -- NEC Corp (Tokyo:6701.T - News). The number-two Japanese chipmaker unveiled plans on Thursday to shift its chip operations to a new subsidiary, the latest move among Japan's ailing electronics titans to distance themselves from the volatile business. NEC said it would retain 70 percent ownership of the new unit even after an initial public offering it hopes to conduct as soon as possible. biz.yahoo.com