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Politics : Formerly About Applied Materials

AMAT 265.37

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To: StanX Long who wrote (63359)	5/2/2002 1:29:57 AM
From: StanX Long	Read Replies (1) of 70976

Asian Stocks: H.K.'s SHK Properties Gains; Philippines Advances By Lu Wang quote.bloomberg.com Hong Kong, May 2 (Bloomberg) -- Hong Kong's Hang Seng Index climbed to a four-month high, led by Sun Hung Kai Properties Ltd., as a report that developers increased the number of residential projects for sale in April added to signs the city's real estate market may be recovering from a five-year slump. The Hang Seng Index gained 198.72, or 1.7 percent, to 11,696.30, its highest since Jan. 8. Property stocks have rallied 16 percent as a group since April after a government land auction fetched higher bids than expected and a slowing U.S. economy signaled interest rates will probably stay at a 40-year low. ``The presale figures are encouraging and interest rates won't rise soon -- all things have turned positive,'' said Ambrose Chang, who manages $500 million at Daiwa International Capital Management. He recently moved money from South Korea and Singapore into Hong Kong and is considering buying more Cheung Kong (Holdings) Ltd. shares. In other markets, Japan's Nikkei 225 stock average fell 0.2 percent as the yen's climb to an eight-week high against the dollar sent automakers lower. The Philippines' PSE Composite Index rose 1.4 percent after the California Public Employees' Retirement System said it may buy shares in the market.

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