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Tokyo Stock Prices Close Lower

July 27, 2000

TOKYO (AP) _ Tokyo stocks plunged Thursday morning after investor sentiment turned weak following sharp falls in U.S. stocks on Wednesday. The dollar edged lower against the yen.

The benchmark 225-issue Nikkei Stock Average shed 423.50 points, or 2.57 percent, to 16,079.11 points at the end of the morning session. On Wednesday, the average closed down 70.98 points, or 0.43 percent.

The dollar bought 109.26 yen in late morning, down 0.02 yen from late Wednesday in Tokyo but unchanged from its late New York level.

On the stock market, the Nikkei opened lower, with technology issues leading the early declines. Investors turned bearish after a 183.49-point slide in the Dow Jones industrial average, which closed at 10,516.48 on Wednesday.

Also negatively affecting the market was pessimism about Japan’s economy, sparked by the collapse earlier this month of major retailer Sogo Co., traders said.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 32.38 points, or 2.15 percent, to 1,472.15 points. The TOPIX closed up 2.08 points, or 0.14 percent, the day before.

Among other morning losers were auto issues, including Mitsubishi Motors Corp., which announced Wednesday it was scaling up a massive recall announced last week.

Mitsubishi stocks closed morning trading at $3.88 per share, down 11 cents from Wednesday’s close. Mitsubishi Motors, Japan’s fourth-largest automaker, said on Wednesday it was recalling 532,000 cars and trucks because of suspected defects, including loose bolts. No injuries were reported from the defects.

Also in New York, the technology-heavy Nasdaq composite index fell 41.85 points to 3,987.72 at Wednesday’s finish.

In currency dealings, the dollar edged lower as investors sold the greenback on profit-taking amid a lack of major market-moving news.

In other currencies, the euro was traded at 103.00 yen in late morning, unchanged from late Wednesday in Tokyo.

The yield on the benchmark 10-year Japanese government bond fell to 1.7200 percent from Wednesday’s finish of 1.7650 percent. Its price rose 0.38 point to 99.82.

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On the Net: Tokyo Stock Exchange: http://www.tse.or.jp

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