Japan: Nikkei schließt nahe 17-Jahres-Tief

verfasst von Sascha, 20.08.2001, 08:41

Monday August 20, 2:19 am Eastern Time

<font size=5>Nikkei ends near 17-yr lows, chips lead decline</font>

TOKYO, Aug 20 (Reuters) - <font color="#FF0000">Tokyo's key Nikkei average fell for the fourth straight session on Monday to its lowest close since December 1984 </font>as continued high-tech earnings jitters and the <font color="#FF0000">cloudy outlook for the U.S. economy </font>unnerved investors.

Chip shares such as Toshiba Corp led the decline on speculation it could soon follow speciality chip maker Rohm Co Ltd and Advantest Corp, a chip testing device maker, in revising down earnings forecasts.

"Tech shares have fallen to what some would term attractive levels. But their fate lies basically with the U.S. economy -- which looks quite soft," said Koshi Kumagai, senior fund manager at HSBC Asset Management.

U.S. stocks tumbled on Friday after U.S. corporate icons like Dell Computer Corp and Ford Motor Co unleashed a wave of bleak profit forecasts and steep job cuts <font color="#FF0000">that washed away hopes for a recovery any time soon</font>.

<font color="#FF0000">The benchmark Nikkei average ended down 187.60 points or 1.64 percent at 11,257.94, the lowest close since December 11, 1984, when the Nikkei closed at 11,250.83</font>.

The capital-weighted TOPIX index fell 14.66 points or 1.25 percent to 1,155.15.

Toshiba fell 4.1 percent to 561 yen while Rohm lost 2.4 percent to 13,010 yen and Advantest tumbled 6.12 percent to 7,210 yen.

"The outlook for high-tech earnings have got muddled further by profit warnings from Rohm and Advantest the week before last. I just cannot see when they will get back on track to recovery," said Shuji Terao, senior portfolio manager at Mitsui Marine Asset Management.

Chip- and computer-maker Fujitsu bucked the trend, with investors giving a thumbs-up to its restructuring plans, which include slashing its global workforce by 16,400.

Shares in Fujitsu rose 2.81 percent to 1,245 yen.

Quelle: http://biz.yahoo.com/rf/010820/tav024171.html[/b]

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