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Technology Stocks : China.com Corp-(CHINA) -- Ignore unavailable to you. Want to Upgrade?

To: DataBits who wrote (235)	7/14/1999 2:09:00 AM
From: red_dog	Read Replies (1) \| Respond to of 504

July 14, 1999 12:56 AM HONG KONG, July 14 (Reuters) - Hong Kong stocks closed sharply lower on Wednesday morning as China-Taiwan tensions pushed the blue chip Hang Seng Index down almost three percent. The Hang Seng Index closed down 377.15 points or 2.70 percent at 13,603.78. Turnover was HK$5.35 billion, up from HK$3.99 billion at the morning close on Tuesday. Declines outnumbered advances 495 to 110. Dealers said renewed tension between China and Taiwan after Taipei abandoned its commitment to a "one China" policy was finally hitting sentiment in Hong Kong. "The Taiwan thing has got into the market now. In the last couple of days it didn't seem to be a factor," said Howard Gorges, a director at South China Securities. Vickers Ballas sales director Antony Mak said fears of a possible Chinese yuan devaluation and of credit problems in Argentina also sparked selling from the open. Jittery investors have been selling the Hong Kong dollar, leaving the forecast of the aggregate balance in the banking system at negative HK$359 million on Wednesday. This pushed the overnight rate higher from the open, adding to the stock market woes, dealers said. The overnight rate was quoted at 6.00-6.25 percent early on Wednesday, up from 4.87-5.12 percent late on Tuesday.