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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Voltaire who wrote (7175)	10/10/2000 11:08:38 PM
From: Dealer	Read Replies (1) of 65232

HK stocks seen down, awaits Tung Chee-hwa speech HONG KONG, Oct 11 (Reuters) - Hong Kong stocks are expected to trade lower on Wednesday led by telecoms and high-technology issues following a sharp fall on Wall Street overnight, with investors looking to switch to companies with steady earnings. Investors will be focused on Hong Kong Chief Executive Tung Chee-hwa's annual policy speech at 2:30 p.m. (0630 GMT), but analysts say he is unlikely to make any major policy shifts. Hong Kong subway operator Mass Transit Railway Corp is likely to continue to see active trade as investors favour its stable revenue stream over more speculative plays, but a 31 percent rise in its share price since its listing last Thursday could also lead investor to take profit. ``I would suggest utilities as defensive plays. MTRC is considered a property discount play, but we will see some investors taking profits,'' said Miles Remington, head of Asian sales at SG Securities. ``There is still concern over telecom and high-tech stocks.'' Analysts said investors are likely to steer away from technology stocks following a 3.43 percent fall on the U.S. Nasdaq Composite Index (^IXIC - news) overnight.

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