Subject: [NEXTEL-1] US telecoms funds see biggest gain in 16 years - November 6, 2002.html

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Date: Wed, 06 Nov 2002 03:10:29 -0500

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November 6, 2002

US telecoms funds see biggest gain in 16 years

(NEW YORK) US telecommunications funds in October had their biggest one-month increase in at least 16 years, boosted by gains in the shares of AT&T Wireless Services Inc and Nextel Communications Inc, according to Lipper Inc.

The mutual funds rose more than 20 per cent in October, eclipsing their previous one-month record of over 15 per cent set in January 2001, said Lipper, a New York-based research firm.

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The funds benefited from a 67 per cent rise in AT&T Wireless shares, and a 49 per cent jump in Nextel's, after the wireless carriers said they added customers at a time when some rivals were losing subscribers. Still, even with last month's increases, telecoms funds lost more than 43 per cent in the first 10 months of this year, Lipper analyst Tom Roseen said.

'That sector has been beaten up so badly,' said Mr Roseen. 'People are doing some bargain shopping.' Lipper began tracking telecommunications funds in February 1986, he said.

Overall, US-based stock funds gained 5.8 per cent in October. - Bloomberg

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