MARKET TALK-HK: HSBC Down In London, New York
Wednesday, January 10 8:17 AM SGT
0818 [Dow Jones] HK SHARES OVERSEAS: Shares fell in London; U.K.-based HSI ended down 103 at 15398, dragged down by HSBC (0005), which lost $1.75 to $117.25. In New York, ADRs mostly higher; China Mobile (0941) up 1.1% at US$28.75 (equivalent to $44.85); China Unicom (0762) up 1.7% at US$15.13 (equivalent to $11.80); HSBC down 1.3% at US$75 (equivalent to $117); Cheung Kong (0001) up 2.2% at US$13.75 (equivalent to $107.25); Hutchison (0013) down 0.8% at US$62 (equivalent to $96.72); Pacific Century CyberWorks (0008) up 4.1% at US$6.38 (equivalent to $4.98); Sinopec (0386) up 0.8% at US$15.75 (equivalent to $1.23).(IVW,SMG)
0810 [Dow Jones] WALL STREET: Cyclicals fell sharply, pulling down DJIA, but techs scored hard-won victory on selective buying; DJIA fell 0.5% with paper makers and manufacturers down on concerns operations could be compromised by contracting economic activity. Losses might have been steeper, but some investors nibbled on tech issues, with most buying in business-to-business Internet sector. Nasdaq gained 1.9%: "This is the first time I've had the feeling we're seeing liquidity come back into tech stocks in quite some time," says U.S. Bancorp Piper Jaffray institutional sales head Mark Donahoe. "It's been selective, but a little money has shown up." More signs of fundamental weakness in telecom tech sector: Nokia lost 9% on lower-than-expected handset sales for 2000, dragging rivals including Motorola with it, as well as suppliers of chip sets.(RXM)
0800 [Dow Jones] OUTLOOK: 0900 American Chamber of Commerce media conference on doing business in China;
1000 Asia Global Crossing cable landing ceremony and inauguration of cable landing station.(STT)
[Questions and comments please to Stephanie Tam at (852) 2832-2346 or stephanie.tam@dowjones.com. Currency amounts are in Hong Kong dollars and time is local Hong Kong time.]
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