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Pastimes : Crazy Fools Chasing Crazy CyberNews -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (49)	10/16/2000 6:01:11 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 5140

WSJ Hong Kong Stocks Shares Snap Losing Streak Dow Jones Newswires HONG KONG -- Shares rebounded Monday from a weeklong sell-off, boosted by a strong rally on Wall Street Friday. The Hang Seng Index gained 292.90, or 2%, to close at 14973.40. Advancers led decliners, 25 to 7, with 1 issue unchanged. Volume was valued at 8.81 billion Hong Kong dollars. On Friday, the Nasdaq composite rallied 241.82, or 7.8%, to 3316.50 following the previous session's rout. The Dow industrials rose 157.60, or 1.5%, to 10192.18. While the Hang Seng Index finished higher, investors' unwillingness to commit to a buying position, and a decline in Pacific Century CyberWorks' intraday high gain of 11.1%, led the blue-chip barometer to give up more than half of the over-600-point gain it posted in the morning session. "The market is still plagued by political instabilities in the Middle East, surging oil prices and global devaluation of telecom issues," said Sunny Chan, a research manager with KGI Asia Ltd. Volume leader Pacific Century CyberWorks failed to live up to expectations. Shares of the telecommunications and Internet powerhouse gained 11.1% to an intraday high of HK$8.50 on a resumption in trading, following Friday's announcement of a revised deal with Australian telecommunications giant Telstra. However, gains dissipated in later trade, and the issue closed down 5.9% at HK$7.20. The stock has lost 74.7% since its intraday peak of HK$28.50 on Feb. 15. Investors bought HSBC shares, which were under selling pressure in the previous week. The banking giant added 3.4% to HK$160. Its affiliate Hang Seng Bank gained 3.8% to HK$88.75. Telecommunications and technology shares improved, after the 7.9% gain on the Nasdaq stock market Friday. China Mobile, the mainland's largest telecommunications company, rose 2.5% to HK$51.25. Its rival, China Unicom, added 1.9% to HK$19.20. -------------------------------------------------------------------------------- URL for this Article: interactive.wsj.com -------------------------------------------------------------------------------- Copyright © 2000 Dow Jones & Company, Inc. All Rights Reserved. Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws. For information about subscribing, go to wsj.com *Used with permission from the Wall Street Journal Interactive Edition.*