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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked
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To: Bradville who wrote (1857)11/30/1998 11:15:00 PM
From: Tim Luke  Read Replies (1) of 90042
 


Monday November 30, 10:31 pm Eastern Time
HK's Hang Seng Index falls below 10,000 in morning
HONG KONG, Dec 1 (Reuters) - Hong Kong stocks extended their losses in Tuesday morning trade with the Hang Seng Index falling below 10,000 points as an overnight drop on Wall Street and Hong Kong's poor economic outlook triggered selling.

The blue chip index was down 3.87 percent at 9,999. Turnover was HK$2.29 billion.

''The market has not had a big correction since October,'' said Ricky Tam, senior research manager at Delta Asia Securities.

The Hang Seng Index is up 32 percent since the end of September and has been trading above 10,000 points since mid-November.

''In the last two months the market has been overextended and it is time for some consolidation,'' said Tam, who was looking for the Hang Seng Index to test 9,500 points over coming weeks.

Brokers said Hong Kong's economic outlook was still bleak. The Hong Kong General Chamber of Commerce said on Tuesday it was expecting the territory's economy to contract by about 1.0 percent in 1999.

Overseas markets could also be heading for a retreat after merger-driven rallies, brokers said.

The Dow industrials lost 2.32 percent to close at 9,116.55 points on Monday.
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