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Technology Stocks : INTERNET ASIA + Indexes

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To: Brent Gilbertson who wrote (1225)	9/6/1999 11:16:00 PM
From: Gene Reardon	of 1567

From Tuesdays South China Morning Post. Internet issues grab focus STEPHEN SEAWRIGHT and HUI YUK-MIN (excerpts) Hong Kong's blue chips rose 1.57 per cent yesterday on the back of Wall Street's rally on Friday - but the day's biggest action was in the Internet-related plays. China plays led gains among Hang Seng Index constituents, with Guangdong Investment rising 3.92 per cent to $1.59, China Telecom 3.01 per cent to $23.95 and China Resources 2.45 per cent to $12.50. Brokers said this reflected improving sentiment towards mainland-related stocks as talks on Beijing's admission to the World Trade Organisation were expected to resume shortly. "People are trying to find China-related companies because people are assuming that WTO talks will resume after the [Asia-Pacific Economic Co-operation] meeting," Celestial Asia Securities research analyst William Li Kin-tung said. The biggest gainer of the day was New World Cyberbase new shares, which soared 65.49 per cent to $2.35 as rumours surrounded the company's next move. The company's old share was the second highest gainer, by 54.26 per cent to $1.99. The firm attracted attention because of its Internet business, and since it has lagged behind CyberWorks, which has nearly doubled in the past month. New shares in China Online - formerly Star Telecom - surged 43.22 per cent to 27.5 cents amid rumours that the company was going to place some of its 265.9 million CyberWorks shares, not bound by the lock-up agreement announced last month.

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