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Wednesday July 12, 8:40 pm Eastern Time
Tokyo stocks slide, Sogo bankruptcy hits sentiment
TOKYO, July 13 (Reuters) - Tokyo stocks wilted in early Thursday trade, as
market sentiment soured on news department store operator Sogo Co Ltd
abandoned plans for a public bailout and filed for bankruptcy.
The benchmark Nikkei average fell 149.71 points or 0.86 percent to
17,192.42. by 0014 GMT after opening in positive territory. The
capital-weighted TOPIX index (^TOPX - news) of all first-section shares
slipped 12.68 points or 0.79 percent to 1,591.72.
Sogo was ask-only at 53 yen from Thursday's close of 83 yen and the Tokyo
Stock Exchange said it would delist the shares on October 13.
``But in the long run you know, this is not bad news, since it's about
corporate Japan taking a harder, but right way, toward restructuring,'' said
Hidenori Karaki, equities manager at Tokyo Mitsubishi Securities.
Banking and construction shares fell on Sogo's news.
Industrial Bank of Japan Ltd , Sogo's leading creditor, was ask-only at 746
yen against its close on Wednesday at 776 yen.
Kumagai Gumi Co Ltd tumbled 29.49 percent to 36 yen, while Hazama Corp fell
30.77 percent to 36 yen. Some investors had been speculating the two ailing
contractors would get public funds if Sogo did.
But some technology stocks were spared the gloom after the U.S. Nasdaq
composite index (^IXIC - news) rose 3.62 percent to 4,099.59 overnight.
Internet investor Softbank Corp was bid-only at 11,830 yen, against
Wednesday's close of 11,630.
Declining shares outnumbered losers 743 to 370 on the first section of the
Tokyo Stock Exchange at the start of trade.
---------
given the volitility in this US market (especially this index), chasing it
higher here, after a 4+% run-up in two days is a recipe for losses (at least
short term ones) IMHO.
JT
----- Original Message -----
From: "BobR" <bobrabcd@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, July 12, 2000 9:40 PM
Subject: [RT] Re: Gen:Nasdaq Cot
> I have to share Ron's skepticism, but in the meantime I also have to
follow
> the cumulative volume and price trend. Both of which seem to suggest we
are
> in the middle of that old fashioned summer rally that has its roots at the
> end of May. Both the Nasdaq CV and NYA CV tested and are coming off of
that
> classic 21 day XMA with price targets at the 0.5 and .618 levels next.
>
> BobR
>
> ----- Original Message -----
> From: "Ronald McEwan" <rmac@xxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, July 12, 2000 7:35 PM
> Subject: [RT] Gen:Nasdaq Cot
>
>
> > The attached gif depicts the Nasdaq weekly closing prices with a plot of
> > the Commitment of Traders data on top. I leave the interpretation of
this
> > up to you. I will say, that I expect the CNBC talking heads to be full
of
> > great reasons for buying all the Nasdaq stocks their friends at the big
> > Wall Street firms are looking to unload on the public. (After all when
> > was the last time you took one of them out to dinner!) Just my opinion.
> >
> > disclaimer stuff:
> > this is not a trading recommendation.
> > for informational purpose's only.
>
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