19 November 2003, 09:33  Japan's Nikkei ends at three-month low, techs sold

TOKYO, Nov 19 - Japan's Nikkei average fell almost three percent to close at a three-month low on Wednesday as investors unloaded blue-chip issues like Sony Corp <6758.T> on a strong yen and a four-day losing streak on Wall Street. Poor earnings from Japan Telecom Holdings <9434.T> also dragged down other large-cap telecoms shares such as Nippon Telegraph and Telephone Corp (NTT) <9432.T> and NTT DoCoMo Inc <9437.T>, keeping the market under pressure. The Nikkei <.N225> fell 2.85 percent to 9,614.60, its lowest close since August 12. The broader TOPIX index <.TOPX> lost 2.08 percent to 953.19. A slide in the dollar against the yen encouraged investors to unload technology shares with Sony falling 4.17 percent to 3,680 yen and NEC Corp <6701.T> dropping 6.66 percent to 785 yen. Japan Telecom, owned two-thirds by Britain's Vodafone Group Plc , dove by its daily limit of 15.02 percent to 283,000 yen, becoming the third-biggest percentage loser on the main board. Japan Telecom said on Tuesday it fell deep into the red in the six months to September due to losses on the sale of its fixed-line operations and revised down its full-year net forecast to a loss from a profit.//

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