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Politics : Formerly About Applied Materials

AMAT 325.15

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3:59 PM EST

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To: StanX Long who wrote (60746)	2/20/2002 2:41:58 AM
From: StanX Long	Read Replies (1) of 70976

Wall Street blues pull Hang Seng lower Wednesday February 20, 1:14 PM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong blue chips closed the Wednesday morning session lower, tracking a slide on Wall Street triggered by lingering corporate accounting worries. Technology stocks such as China's largest computer maker Legend Holdings <0992> under performed the benchmark index after tech bellwether International Business Machines Corp tumbled on concerns about its accounting practices. The Hang Seng Index of 33 blue chips was down 0.95 percent or 102.61 points at 10,737.88 points. "There is quite strong support at 10,700 as we already lost more than 100 points yesterday," said Kenny Tang, associate director of Tung Tai Securities. Overall, market turnover stood at HK$3.23 billion (US$414 million). Losers beat gainers 253 to 176 with 341 stocks unchanged. Legend Holdings shed 2.19 percent at HK$3.35, hit by a three percent slide on the tech-laden Nasdaq Composite Index. China's top cellular carriers China Mobile <0941> and China Unicom <0762> lost 2.34 percent to HK$23 and 1.95 percent to HK$7.55, respectively. Analysts said fears of increasing bad loans in a tough economic climate dragged down global banking giant HSBC Holdings <0005>, which fell 1.42 percent to HK$86.75. In London trade , HSBC was down 1.33 percent. Investors in HSBC will be closely watching the final results of rival bank Standard Chartered , due at 0930 GMT on Wednesday.

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