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To: T L Comiskey who wrote (61378)	1/10/2000 10:23:00 PM
From: T L Comiskey	Respond to of 152472

Monday January 10, 9:58 pm Eastern Time HK stocks open sharply higher on Wall St rally HONG KONG, Jan 11 (Reuters) - Hong Kong stocks opened sharply higher on Tuesday as a record Nasdaq rise and a landmark deal between America Online and Time Warner energised tech plays. The benchmark Hang Seng Index (^HSI - news) was up 316.63 points or 2.0 percent at 16,164.78 within the first minute of trade. In the broader market, advances were ahead of declines 269 to 14. Turnover was a robust HK$3.6 billion in the first 15 minutes of trade compared with HK$3.2 billion at the same time on Monday. More than half of the 10 most actively traded stocks were technology-related blue chips and non-index counters, with media stock Television Broadcasts Ltd (TVB) leading net gainers with a 19.4 percent rise. Blue chip China Telecom (Hong Kong) extended Monday's gains, climbing more than 4.0 percent in early trade, while other telecom issues Hutchison Whampoa Ltd and SmarTone Telecommunications also strengthened. Warning: part of the article may be missing at this point. Traders said AOL's (NYSE:AOL - news) groundbreaking deal overnight to buy Time Warner (NYSE:TWX - news) for US$160 billion in stock turned Hong Kong investors' focus to Internet and traditional media plays. ``With the economy picking up, people think there's a chance for the media to move into the technology sector,' said Alan Pau, associate director at South China Securities. Smaller buying volumes pushed up publishers SCMP Holdings and Paramount Publishing Group to strongly outperform the index. While heavy buying continued in big-name technology counters Pacific Century CyberWorks and China Telecom, second line TCC HK Cement Holdings was the most actively traded stock, up 10 percent on turnover of HK$801.0 million. The concrete and cement concern said on Tuesday it had entered an agreement to buy a 10 percent stake in Taiwan cellular telecom services provider KG Telecom for HK$1.537 billion. Traders and analysts said profit-taking pressure and caution over a possibly higher-than-expected U.S. interest rate hike next month was limiting the market's upside. ``The index is trying to form a strong base around 15,800 and 16,000. Once that is established, it could go higher. But there is still some profit-taking and much depends on the U.S. markets,' said Eugene Law, chief operations officer at Celestial Asia Securities. Some analysts said investors would begin to look closer at property stocks, which they said offered stable earnings -- relative to Internet-concept stocks which have little or no earnings -- as Hong Kong's economic outlook improved. The Hang Seng properties index (^HSNP - news) climbed 1.4 percent to 18,480 while the finance index (^HSNF - news) edged down 0.12 percent to 20,478.