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Strategies & Market Trends : TradersChoice 2000 -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Jordan who wrote (200)	9/27/1999 6:47:00 AM
From: Jeff Jordan	Read Replies (1) \| Respond to of 604

SP99Z 1294 +5.60 charts.quotewatch.com WIRE:09/27/1999 06:10:00 ET Yen Rises, No Joy For Asian Stocks From G7 SINGAPORE (Reuters) - The yen rebounded against the dollar Monday despite industrialized nations' concern, and skepticism over chances of international cooperation to halt its climb clipped 0.3 percent off Tokyo shares. The dollar tumbled more than two yen from the day's high of 106.00 yen by late Tokyo. It was quoted at 104.05/10 yen, compared with 104.12/22 yen in New York Friday. Most Asian stock market fell with Hong Kong dropping two percent as the government edged nearer to dispersing a portfolio of blue chip stocks, and Taiwan shares lost 2.7 percent on the first day of trade since last week's massive earthquake. Traders said Japan's Nikkei 225 average dropped 0.3 percent to close at 16,821 as a weekend statement by the Group of Seven industrialized nations failed to convince investors the yen's rise would be halted. "We're not sure about whether the yen's trend will be turned around," said Tsuyoshi Segawa, general manager at New Japan Securities Co Ltd. "We'll remain extra cautious about currency moves." Stocks initially gained on the dollar's brief climb to 106.00 yen early in the day in reaction to the G7's concern. SKEPTICISM KICKS IN But the rally soon fizzled when the dollar fell back amid growing skepticism whether Japan had agreed to take further monetary easing steps in return for international cooperation to curb the yen. The yen's surge in value has undermined the stock market by reducing the value of Japanese corporate profits earned abroad. Hong Kong's blue chip Hang Seng Index ended down 2.1 percent at 12,761 after news the government was a step closer to unloading some of its portfolio of Hang Seng Index stocks increased selling pressure in an already falling market. Led by futures, the cash market fell sharply after the Stock Exchange told a local television station the government had applied to list its index-linked unit trust product. "The announcement this afternoon has affected sentiment a bit. It's another reason to sell," said South China Securities director Howard Gorges. GOLD REGAINED SOME GLITTER Australia's All Ordinaries index closed 0.6 percent higher at 2,911, with the gold sector leaping 16.5 percent as the bullion price jumped from Friday's US$268 to as much as US$285 an ounce during Asian trade. "Today was all about gold," said dealer Steve Mayne of Macquarie Nevitts. "While the gold price is running, it's giving a bit of confidence to everything," Mayne said, but added he did not think the rise could be sustained. The rally started after the European Central Bank said gold would remain an important element of global monetary reserves and nominated a ceiling for gold sales over the next five years.