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February 10, 1999

MERRILL SEES LINK BETWEEN DOLLAR/YEN AND TECH STOCKS

By CBR Staff Writer

Merrill Lynch & Co has observed an inverse correlation between the strength of the dollar/yen and relative performance of the technology sector stocks, meaning a weaker dollar is good for tech stocks. It believes competition between US and Japanese technology companies can partly but not fully explain the link but that the upshot is that a stronger dollar would hurt technology stock performance. Meantime, it believes technology stocks outperformed the market from 1991 to mid-1996 then under- performed until the last quarter of 1998. It still believes enterprise system companies are going to benefit the build-out of internet networks in the next 12 to 18 months.

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