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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: calgal who wrote (21816)	7/28/2002 11:34:40 PM
From: calgal	Respond to of 74559

Asian Stocks Gain Sun Jul 28,10:05 PM ET SINGAPORE (Reuters) - Asian stocks raced ahead in early trade on Monday, propelled by a small rebound on Wall Street and showing little initial reaction to another admission of improper accounting in the United States. Tokyo stocks jumped almost two percent and the South Korean and Australian markets added one percent after U.S. shares rose on Friday. An admission by U.S. telecoms company Qwest Communications International Inc early in Asian trade of improper accounting provided an ominous reminder of the trigger for the recent market turmoil. The dollar showed little reaction to the news and held steady above 118.7 yen and around 98.65 cents to the euro. But Tokyo stocks pared gains after Qwest said it used improper accounting methods in 1999 through 2001 and will restate its financial results. The Nikkei average was up 1.85 percent by mid-morning, after jumping more than two percent. "Many tech and auto issues have been battered down to quite cheap levels due to a strong yen and heavy foreign institutional selling," said Koichi Kawata, deputy head of the equity department at Japan's Sakura Friend Securities. "A weaker yen today makes them look more attractive to bargain hunters." Qwest's accounts were already under investigation by the U.S. Securities and Exchange Commission ( news - web sites). U.S. Treasuries were slightly weaker, with the yield on the 10-year note one notch higher at 4.40 percent. story.news.yahoo.com