14 July 2004, 10:14  Tokyo's Nikkei -2 pct as tech stocks tumble

Tokyo's Nikkei stock average <.N225> dropped more than two percent by late afternoon on Wednesday as investors dumped key technology stocks on growing worries about the sector's business outlook. Selling hit chip-related stocks such as Advantest Corp <6857.T>, Japan's biggest maker of chip-testing devices, after U.S. chip giant Intel Corp. cut its profit margin forecast. Intel's disappointing outlook, which sent the company's shares tumbling in after-hours trade, also added gloom to the chip sector's business outlook, analysts said. As of 0548 GMT, the Nikkei was down 2.03 percent at 11,372.69. The broader TOPIX index <.TOPX> was down 1.07 percent at 1,154.00. Advantest tumbled 4.02 percent to 6,450 yen and Tokyo Electron Ltd <8035.T>, the world's second biggest producer of chip-making equipment, lost 4.27 percent to 5,380 yen.///

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