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Politics : Formerly About Applied Materials

AMAT 259.38

+1.2%

1:34 PM EST

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To: Gottfried who wrote (59765)	1/31/2002 4:23:56 AM
From: StanX Long	Read Replies (1) of 70976

Strait Times Index tracks Wall Street rally Thursday January 31, 2:01 PM sg.news.yahoo.com SINGAPORE (Reuters) - Singapore's main share index hovered around 10-month highs by midday on Thursday, as Wall Street's rally and data pointing to an early recovery for the U.S. economy cheered sentiment. The Straits Times Index was up 1.74 percent or 30.48 points at 1,786.09 by the break, setting its sights on the psychologically important 1,800 mark. "There's some more upside in the medium term. Valuations are generally still reasonable in our view," said Thio Boon Kiat, fund manager at UOB Asset Management, which manages S$4 billion. He said liquidity and a cylical upturn were boosting stocks in the region, with Singapore also benefitting from government moves to determine how the city state could be competitive in the long run. "There could be some longer term money based on that," Thio said. U.S. stocks rose on Wednesday after the Federal Reserve left interest rates unchanged amid signs of economic strength, helping to push aside widespread fears over the reliability of corporate financial statements after the Enron Corp scandal.

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