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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 73.87

-0.1%

Jan 9 9:30 AM EST

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To: jach who wrote (25781)	5/17/1999 12:25:00 AM
From: jach	of 77400

HK stocks open sharply lower after Wall St drops HONG KONG, May 17 (Reuters) - Hong Kong stocks opened sharply lower on Monday with the Hang Seng Index falling 309 points or 2.41 percent to 12,546 on fears that the U.S. might tighten monetary policy after a big jump in consumer prices in April. The Dow industrials tumbled 193.87 points or 1.75 percent to finish at 10,913.32 on Friday after the Labor Department reported the Consumer Price Index rose 0.7 percent in April after a 0.2 percent increase in March. ''The market just follows overseas markets in falling and there is a concern about a possible interest rate rise in the United States,'' said Steve Lo, head of sales at OSK Asia Securities. Half of the 18 economists surveyed by Reuters in the United States on Friday said the Federal Reserve was now more likely to adopt a ''tightening'' bias on Tuesday when its policymakers at the Federal Open Market Committee (FOMC) meet. U.S. interest rate fears also pushed Japanese stocks down on Monday, with the benchmark Nikkei average slipping 311 points or 1.85 percent to 16,499 in late morning Tokyo trade.

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