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Japan Hot Stocks-Arabian Oil, E*Trade, Toyota

TOKYO, July 25 (Reuters) - The following stocks are on the move on Thursday.

**ARABIAN OIL SOARS ON KUWAITI GAS PROJECT REPORT**

Arabian Oil Co Ltd, Japan's biggest oil producer, up 6.51 percent at 540 yen.

Arabian oil attracted buyers after the Yomiuri Shimbun daily said on Thursday it had finalised a deal to participate in a natural gas development project in Kuwait, traders said.

After completing talks with the Kuwaiti government, Arabian Oil will offer technical assistance, and commence drilling operations as early as 2003, the paper said. 0133 GMT **E*TRADE UP ON STRONG PROFITS**

E*Trade Japan KK up 6.37 percent at 63,500 yen, outperforming a 1.95 percent rise in the benchmark Nikkei average .

Japan's largest online broker in terms of the number of client accounts attracted buyers after it said on Wednesday its group recurring profit in the April-June quarter more than doubled from 128 million yen a year ago.

E*Trade is owned by Internet investor Softbank Corp and U.S.-based E*Trade Group Inc .

Softbank up 3.51 percent at 1,475 yen. 0115 GMT **TOYOTA HITS 10-MONTH LOW**

Toyota Motor Corp down 1.04 percent at 2,850 yen, after hitting a 10-month intraday low of 2,845 yen.

"Toyota is being hit hard by institutional selling and the unwinding of cross-held shares," said Stephen Usher, senior analyst at JP Morgan, which has a "market perform" rating on the stock.

"But also weighing is the fact that Toyota is now the third-most profitable automaker in Japan and is losing market share domestically. Product momentum seems to be with Nissan Motor Co Ltd in the domestic market and Honda Motor Co in the U.S.," he added.

Toyota shares have fallen 51 percent from a year-high of 5,800 yen struck in April. 0100 GMT **SHIMANO UP ON UPWARD PROFIT REVISION**

Shimano Inc up 11.21 percent at 1,756 yen, the second-highest percentage gainer on the first section of the Tokyo Stock Exchange.

Shares in the bicycle parts manufacturer moved up a gear after it revised its profits upwards on Wednesday, traders said.

Shimano says it now expects a group net profit of 11 billion yen for the year to December 31, 2002, up 15.8 percent on a previous forecast of 9.5 billion. 0041 GMT

**SUMITOMO RUBBER SOARS ON RECORD PROFIT REPORT**

Sumitomo Rubber Industries Ltd up 7.24 percent at 548 yen, hitting a seven-week intraday high.

Shares in Japan's third-largest tyremaker were snapped up after the Nihon Keizai Shimbun newspaper said it would post a record parent-only net profit of 5.2 billion yen ($44.55 million) for the first half of 2002.

The newspaper said the tyremaker would more than double its February forecast for parent net profit, and also see its operating profit rise 52 percent in the January to June period to a record high of 9.7 billion yen. 0029 GMT

**TECHS REBOUND ON U.S. COMEBACK RALLY**

Techs up after a strong rebound on Wall Street ended a three-week sell-off sparked by accounting scandals. The tech-heavy Nasdaq Composite Index snapped back 4.98 percent.

Industry leader Hitachi Ltd up 1.69 percent at 721 yen, after plunging to three-year lows in the previous session.

Kyocera Corp up 3.0 percent at 8,250 yen, bouncing back from a 5.4 percent beating on Wednesday.

Consumer electronics giant Sony Corp up 3.41 percent at 5,450 yen. Sony is set to release quarterly earnings results at 0600 GMT. 0020 GMT