To: Bill F. who wrote (54321 ) 4/2/1999 1:43:00 PM From: Lucretius Respond to of 132070
Looks like foreigners trying to get in early and play, looking for my move in the currency, perhaps? I've never seen foreigners buy a true bottom in droves -ng- a nasty tankan survey on Mon could bring in more yen short sellers and give us one final spike in the dollar before the collapse.... (let's hope -g-) Nikkei ends slightly lower on 'tankan' caution By Fiona Graham TOKYO, April 2 (Reuters) - Tokyo stocks closed slightly lower on Friday as foreign buying failed to keep the market afloat against repeated bouts of selling following Thursday's three percent rally. Traders said investors are taking a cautious stance ahead of the weekend and of the Bank of Japan's March ''tankan'' survey of business sentiment to be released on Monday. The benchmark Nikkei 225 average lost 37.37 points or 0.23 percent to end at 16,290.19. June Nikkei futures stood 40 points higher at 16,370. Broader indices also rose. Analysts said a negative tankan could dampen recent optimism due to the growing number of companies announcing restructuring plans. ''Our view is that the tankan will be bleaker than a lot of people think,'' said Martin Foster, a senior analyst at Standard and Poor's MMS. ''I have great doubts whether the Nikkei should be at this level.'' A total of 614.58 million shares changed hands on the first section of the Tokyo Stock Exchange, against 725.98 million shares on Thursday. Buying came mainly from foreigners and domestic pension funds with new funds to invest in the 1999/2000 fiscal year. ''There was a lot of foreign buying today in a broad range of issues,'' said a salesman at Salomon Brothers, citing Softbank Corp , up 820 yen or 6.13 percent at 14,190, Advantest Corp , up 460 yen or 4.66 percent at 10,340 and Honda Motor Co Ltd , up 80 yen or 1.44 percent at 5,620. Restructuring stories remained the focus among individual issues. Mitsubishi Electric Corp gained 15 yen or 3.45 percent to 450 in heavy trading volume, continuing its rise since Wednesday when it announced a three-year restructuring plan. Fujitsu Ltd added 82 yen or 4.28 percent to 2,000 after rising briefly as high as 2,030, a record high, in heavy trading volume. The shares have gained in popularity since the high-tech manufacturer's purchase of Nissho Iwai Corp's 50 percent stake in Japanese online service operator Nifty Corp, traders said. Among broader indices the TOPIX index of all first-section shares advanced 3.73 points or 0.29 percent to 1,304.17. The Nikkei 300 added 0.71 point or 0.27 percent to 262.33. The second section index was 38.65 points or 2.40 percent up at 1,646.25. Decliners almost equalled advancing issues at 614 to 601, while 108 issues were unchanged.