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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF -- Ignore unavailable to you. Want to Upgrade?

To: Scrapps who wrote (9290)	11/15/1997 1:13:00 PM
From: jhild	Respond to of 22053

From the Nikkei site: satellite.nikkei.co.jp Tokyo Stocks Slump To '97 Low After Touching Below 15,000 TOKYO (Nikkei)-Equities continued to lose ground in Tokyo Friday, with the Nikkei Stock Average extending its losing streak to three days to close at a 1997 low of 15,082.52, down 344.75 points. The closely watched market barometer dropped below the key 15,000 level during the day for the first time in 28 months. The broad-based tumble reflected uncertainty over Japan's financial system and flagging economy, one trader said. The decline was led by selling from foreign investors, apparently discouraged by an Economic Planning Agency report saying the Japanese economy was at a standstill. Thirty two of 36 industrial sector averages declined from Thursday. Japan's government bond market also weakened, with the yield on the benchmark No. 182 10-year bond gaining 2.5 basis points to close at 1.635%. Stock Plunge Prompts Flight Of Foreign Cash From Tokyo TOKYO (Nikkei)-When the Nikkei Stock Average dipped below 15,000 Friday, concern over an outflow of foreign funds from Japanese financial markets grew stronger. Foreign investors are bailing out of Japanese stocks at an accelerating pace. After buying a net 3.2 trillion yen worth of equities between January and July, they sold a net 800 billion yen worth in August-October. And in the first week of November, net selling by foreign investors expanded to 92.3 billion yen. The situation is worse than those figures indicate. Japanese public funds, which typically buy domestic equities through overseas funds, apparently accounted for some 30% of that January-July buying. This means overseas investors have already sold half their net 2.2 trillion yen in buys this year. Foreign investors are opting for assets of higher quality, says Richard Koo, an analyst at Nomura Research Institute Ltd. They are disappointed by the Japanese government's failure to come up with effective economic stimulus measures other than relying on a weaker yen. Should the government fail to take appropriate steps, the flight of overseas investment could accelerate, warns an analyst at Deutscher Morgan Grenfell Capital Markets Ltd. Japan's 20 leading banks will lose all latent profits on their stock portfolios if the Nikkei index falls to 14,500, banking sources said.