Nikkei slumps 4% (542 points) as techs hit

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Nikkei slumps 4% as techs hit, package disappoints By Risa Maeda

TOKYO, April 9 (Reuters) - Falls in Kyocera Corp and other bellwether technology issues knocked Tokyo's benchmark Nikkei down four percent on Monday, with investor sentiment bruised by a slide in the tech-rich Nasdaq index in New York.

``Our concerns have shifted to the U.S. stock markets, where players have started to talk about the credit risk of some companies, especially those in the telecoms sector,'' said Hajime Yagi, senior portfolio manager at Meiji Dresdner Asset Management.

``Volatility in the U.S. markets means we need to watch out high-techs here,'' he said.

Kyocera, the world's largest manufacturer of integrated circuit ceramic packages, skidded 8.93 percent to 10,600 yen, helping to knock the tech-sensitive Nikkei average down 542.00 points or 4.05 percent to a close of 12,841.76.

It was the first retreat after a 3.4 percent four-day rally, supported by expectations of an emergency economic package aimed at stabilising the debt-ridden banking sector announced last Friday.

The broader TOPIX (^TOPX - news) ended 31.33 points or 2.38 percent lower at 1,282.43. http://biz.yahoo.com/rf/010409/tau024689.html

-- Carl Jenkins (somewherepress@aol.com), April 09, 2001


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