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Politics : Formerly About Applied Materials

AMAT 318.63

-3.0%

Feb 3 3:59 PM EST

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To: StanX Long who wrote (64000)	5/24/2002 3:03:43 AM
From: StanX Long	Read Replies (1) of 70976

Hang Seng edges higher on recovery hopes Friday May 24, 2:08 PM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks were slightly higher by midday on Friday, lifted by gains in export-driven blue chips and property issues on renewed hopes for an export-driven recovery in the territory's economy later this year. But the market's gains were capped by losses in China's top personal computer maker Legend Group following disappointing full-year results and worries over slowing sales growth. The benchmark Hang Seng Index was 0.23 percent higher at 11,651.48 by the midday break with HK$4.02 billion (US$515 million) worth of shares changing hands, below Thursday's midday turnover. Shares of selected property developers got a boost from comments by Hong Kong's richest tycoon Li Ka-shing that his property flagship Cheung Kong (Holdings) is ready to bid for land in government auctions, indicating to some investors his confidence in the territory's moribund real estate sector. Shares of developers Henderson Land, New World Development and Hysan Development were up between 1.7 percent and 2.42 percent. "The local market has been the beneficiary of overseas fund flows in recent weeks, and the weaker U.S. dollar is helping to alleviate some of the deflationary fears," said Alex Wong, research director at OSK Asia Securities. The U.S. dollar, to which the Hong Kong currency is pegged, has weakened against the Japanese yen over the last week, despite a slight firming of the dollar early on Friday. A weak U.S. dollar against the yen makes Hong Kong's exports relatively cheap compared to those from Japan.

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