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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Greg Jung who wrote (23390)	11/14/1997 8:03:00 AM
From: Glenn D. Rudolph	Respond to of 61433

Alert: Stocks plunge in Tokyo United Press International - November 14, 1997 03:36 %FINANCIAL %STKS %TOKYO V%UPI P%UPI TOKYO, Nov. 14 (UPI) - Stocks plunged in Tokyo on Friday amid growing concern over the state of the nation's economy and instablity in the financial sector. After falling only 6.9 points on Thursday, the key Nikkei index of 225 selected issues dropped 344.75 points - 2.23 percent - to end the week at 15,082.52, its lowest level for the year. During the day the Nikkei briefly dropped below the benchmark 15,000 level, hitting a low of 14,966.13. It was the lowest level for the key index since July of 1995. Traders reported the price of Yamaichi Securities stock falling below 100 yen further dragged down investor sentiment and contributed to the market's overall decline. The Nikkei index moved between 14,966.13 and 15,371.83 during the day. The broader-based Tokyo Stock Price Index, which lost 1.39 points on Thursday, fell 21.45 points - 1.79 percent - to end at the week at 1, 177.52. ''Investors engaged in selling bank shares and blue chip issues like Sony on anxiety over the sluggish economy,'' said Kiyoshi Namai of Towa Securities Compay. Namai added that an announcement by government officials regarding economic stimulus measures did not have much positive impact on the market. Trading was an estimated 620 million shares, up from Thursday's 513. 43 million shares. Yamaichi Securities was the most traded stock for the day. The decline in Yamaichi's share price raised investor concerns that the company might possibly go bankrupt. On Nov. 3, Sanyo Securtities became the first major brokerage house to go bankrupt since World War II. Troubles in the securities business have contributed to the instability in Japan's financial services industry. According to market analysts, the next resistance line for the key index will be 14,782. At that level it is estimated that the stock portfolios held by the top 20 Japanese banks will experience a latent profit loss.