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To: maceng2 who wrote (177478)	7/4/2002 11:13:54 PM
From: maceng2	Read Replies (1) \| Respond to of 436258

Stock crashes are just a MYTH... Tokyo shares close morning higher after uneventful US holiday Share prices closed the morning higher after the US got through the 4th of July holiday with no apparent terrorist activity, dealers said. They said the shooting incident near the counter of Israeli national airline El Al at Los Angeles International Airport, which left three people dead, has so far not been established as terrorist in nature. The Nikkei 225 index closed the morning up 181.72 points or 1.71% at 10,814.53, off a high of 10,864.88. Volume was estimated at 323 million shares. The Topix index was up 8.49 points at 1,041.80 and the Nikkei 300 index up 1.98 points at 204.97. Gainers led decliners 802 to 463, with 175 unchanged. The Nikkei September contract was up 160 points at 10,810 on the Osaka Securities Exchange and at the same level on the SGX. Yutaka Miura, market analyst with Shinko Securities, said investors who shorted the market prior to the US holiday covered their positions today with no major incidents emerging. "However, we should not be too optimistic about security levels in the US, given the fact that (the Los Angeles shooting) took place at a location that is supposed to safe," Miura said. A stable yen above the 120 to the dollar level also provided some support for the broader market, dealers said. "However, we need to remain alert to the downside risk related to volatile movements in the foreign exchange market," Miura said. Finance Minister Masajuro Shiokawa reportedly said in Denmark that the Japanese authorities are willing to prevent the dollar from falling to below the 115 yen level. "His reported remarks, in other words, mean that the authorities will allow a rise in the yen up to the 115 level against the dollar," Miura said. Caution ahead of the start of the reporting season in the US limited the market's upside, dealers said. "As the reporting season is coming closer also in Japan, we need to pay close attention to media reports related to corporate earnings," Miura said. Domestically, firms such as Matsushita Electric and Sony will report their first quarter to June earnings before the end of this month. "In addition, the unwinding of cross shareholdings is likely to continue to depress the chances for sharp gains, as such selling is expected to grow stronger anywhere above the 11,000 point level on the Nikkei 225 index," Miura said. Among high-techs which were over-sold prior to the US public holiday, Advantest gained 250 to 7,440, with Kyocera adding 170 to 8,800, TDK up 210 at 5,760 and Tokyo Electron up 180 at 7,420. Microchip shares were higher, with Fujitsu rising 25 to 837, NEC up 22 at 833, Hitachi 14 higher at 766 and Toshiba up 14 at 493. Japan Tobacco rose 10,000 to 832,000 after the company announced a plan to close eight domestic tobacco plants to improve cost efficiencies. © AFX News ananova.com