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Nippon Sheet Glass estimated earnings down

Shares of Japanese flat glass manufacturer Nippon Sheet Glass came under massive selling pressure on the Tokyo Stock Exchange in the last week of August, reflecting the firm“s earnings estimate revis…

Shares of Japanese flat glass manufacturer Nippon Sheet Glass came under massive selling pressure on the Tokyo Stock Exchange in the last week of August, reflecting the firm“s earnings estimate revision. The shares hit JPY 519 at one point, down JPY 90 from the previous week“s closing. The firm revised the group operating profit estimate for fiscal 2001 to March 2002 to JPY 11 billion from JPY 30 billion due to poor sales of telecommunications-linked products such as lenses for optic-fibre communications. Among major sellers of Nippon Sheet Glass shares are Nomura Securities Co. and Deutsche Securities Ltd., brokers said, noting that institutional investors are actively placing sell orders. Market players are urging the company to draw up a comprehensive restructuring programme, they said.

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