To: Cactus Jack who wrote (17992 ) 4/24/2003 9:45:43 PM From: Sully- Read Replies (1) | Respond to of 89467 Reuters Nikkei hits new 20-year low, Sony shunned Thursday April 24, 8:51 pm ET TOKYO, April 25 (Reuters) - Japan's Nikkei average hit a fresh 20-year low in early Friday trading as investors shunned shares in Sony Corp (Tokyo:6758.T - News) after it posted weak results ahead of a slew of earnings from Honda (Tokyo:7267.T - News) and several tech giants. A Thursday drop on Wall Street after lacklustre forecasts from health insurer AFLAC Inc (NYSE:AFL - News) and other firms, along with worries about the spread of the deadly SARS virus, was also weighing on sentiment. As of 0032 GMT, the Nikkei average (^N225 - News) was down 2.18 percent or 171.04 points at 7,683.53, following a rise of 0.79 percent on Thursday. The capital-weighted TOPIX index (^TOPX - News) of all first section issues was down 1.52 percent at 782.39. Sony Corp was untraded with a glut of sell orders at 3,220 yen, down more than 13 percent from Thursday's close after which the world's top consumer electronics maker shocked investors by falling far short of earnings targets and warning of a profit slide ahead, blaming war worries and a costly reform scheme. Sony, the world's largest consumer electronics maker, earlier traded down by its daily limit of 600 yen at 3,120 on the Instinet electronic trading platform before the opening. "If Sony breaks 3,200, it could well go to 2,500-2,600...from a valuations standpoint," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Securities. Other exporters also fell after the drop on Wall Street, with filmmaker Fuji Photo Film Co Ltd (Tokyo:4901.T - News) down 3.38 percent at 3,140 yen. Honda Motor Co Ltd, Japan's second-largest automaker, was down 5.45 percent at 3,640 yen. biz.yahoo.com