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Nippon Sheet Glass shares drop again

Nippon Sheet Glass Co. of Japan dropped to a new 2001 low on the Tokyo Stock Exchange on 4 June, continuously hit by selling on earnings concerns.
Nippon Sheet Glass touched a low of JPY 947 in early…

Nippon Sheet Glass Co. of Japan dropped to a new 2001 low on the Tokyo Stock Exchange on 4 June, continuously hit by selling on earnings concerns. Nippon Sheet Glass touched a low of JPY 947 in early trading, down JPY 34 from the closing on 1 June. The issue has been unable to get out of the pressure of selling triggered by its earnings projection for fiscal 2001 announced on May 25. The flat glass manufacturer expects a 46.1% drop in group net profit for the current year to March 2002, due to fears of a slowdown in sales in Asia, Europe and North America. The sluggish profit forecast discouraged investors who had anticipated earnings growth backed by brisk electronics-related operations, a brokerage house official said.

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