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Politics : Formerly About Applied Materials
AMAT 248.42-4.0%Dec 17 3:59 PM EST

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To: StanX Long who wrote (60052)2/6/2002 3:31:40 AM
From: StanX Long  Read Replies (1) of 70976
 
Singapore shares rise on bargain buying

sg.news.yahoo.com

Wednesday February 6, 1:19 PM

SINGAPORE (Reuters) - Singapore shares stayed firm by the lunch break on Wednesday as blue chips attracted bargain buying after being beaten down for the past three days.

The bellwether Straits Times Index was up 1.15 percent or 19.87 points at 1,747.50. The index had lost 3.3 percent in the last three sessions but was still up 6.4 percent in 2002 as of Tuesday's close.

Gainers beat losers 140 to 79 in moderately thin volume of 225 million shares, compared with 244 million at the break on Tuesday.

"Basically, the gains are due to some small bargain-hunting because shares have been weak the past few days," said Eddy Kong, a dealer at Daiwa Securities.

Banking firm DBS Group Holdings recouped its losses of the past few days and rose 4.2 percent to S$14.90, which a dealer attributed to institutional buying.

United Overseas Bank added 1.4 percent to S$14.60.

Media conglomerate Singapore Press Holdings, which had dived some 10 percent in slightly over a week, gained 1.88 percent to S$21.70. Dealers said some of the market's gains were also due to hopes that U.S. communications equipment giant Cisco Systems would beat expectations when it reports quarterly results on Wednesday.
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