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News > International  
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Nikkei firms despite dip in the Dow
Stocks in Japan post early gains as investors hope that earnings forecasts will point to recovery.
April 23, 2002: 8:20 PM EDT

TOKYO (Reuters) - Tokyo stocks posted slight gains in early trading Wednesday, despite a Wall Street tumble, as investors hope that earning forecasts point to a global economic recovery.

The Nikkei gained 71.19 points, or 0.61 percent, to 11808.02 in morning trading.

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The tech-laced U.S. Nasdaq index dropped 1.6 percent Tuesday, falling for the fifth straight session on dismal earnings reports from companies including chipmaker Lattice Semiconductor Corp.

"U.S. stocks took a hit, but recently we've not been playing off of movements on Wall Street," said Katsuhiko Kodama, head of the equities section at Toyo Securities.

"Individuals and brokerage dealers have become active buyers...(and) Sony (SNE: Research, Estimates) should put out some good numbers, which could lead the market higher."

Japan's 10 biggest consumer and industrial electronics manufacturers will announce results and forecasts Thursday and Friday. Electronics titan Sony Corp.'s announcement is due Thursday at 3 p.m. (0600 GMT).

The benchmark Nikkei average rose 0.13 percent Tuesday to 11,736.83, adding to the previous session's 1.8 percent jump. Analysts said it would move between 11,600 and 11,900 in Wednesday's session.

Among major tech issues, Tokyo Electron Ltd. will be in focus, traders said.

Japan's largest maker of chipmaking equipment said Tuesday that its net orders in January-March nearly tripled from the previous quarter in a further sign of recovery from last year's semiconductor slump.  Top of page






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