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To: Jenne who wrote (23354)	6/21/1999 8:39:00 AM
From: Vendit™	Respond to of 41369

PRE-OPENING ALERT !! ASIA SKYROCKETS OVERNIGHT AS THE BOJ AGAIN SELLS YEN AND BUYS DOLLARS TO BLUNT A RISING TRADE SURPLUS IN MAY. TOKYO UP 308 @ 17,739 HONG KONG UP 586 @ 13,994 (4%) ALL EURO-BOURSES FOLLOW SUIT WITH ACROSS-THE-BOARD RALLIES. SEPTEMBER S&P500 FUTURES TRADING UP 2.80 OR 2% AS OF 05:18AM (PDT). LOOK FOR A HIGHER NYSE OPENING MONDAY MORNING. comment number: ONE ENDS Monday June 21 6:07 AM ET Asia Stocks Touch Highs, HK Surges 4 Pct By Lee Chyen Yee SINGAPORE (Reuters) - Positive domestic news and euphoric foreign and small-cap buying propelled most Asian stock markets Monday, with Tokyo at its highest level in 20 months and South Korean shares at three-year peaks. Singapore stocks rose to their highest levels in 29 months while Taipei touched a 13-month high. Hong Kong shares surged over four percent. Australia was the only major regional market to buck the trend. Japan's key Nikkei 225 index finished up 1.8 percent at 17,738.85, its highest close since October 6, 1997. ''In addition to hopes for an economic recovery, there was strong relief that the yen won't go higher due to the Bank of Japan's intervention,'' said Keiko Kondo, strategist at Merrill Lynch Japan. The dollar strengthened to 122.22/32 yen by 0942 GMT as the Bank of Japan spent at least a rumored $5.0 billion on dollars. In Hong Kong, the Hang Seng surged 4.4 percent to 13,994.23 on news of the government's plan to list large equity holdings in a unit trust. ''The government's announcement this morning lifts a big supply overhang,'' said Charles Cheung, executive director at J&A Securities. ''I think we are going to see the index hit 14,600 in the short-term.'' Prompted by a wave of liquidity and futures-linked buying, the Korea Composite Stock Price index soared 3.7 percent to close at 869.0, a 36-month high. ''Program buying propelled the composite index rise throughout the day,'' said Sam-wi, a broker at LG Securities. ''Institutional buying of core blue chips still remained strong.''