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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58466)	1/7/2002 3:26:14 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

And even more good news. Stan Monday January 7, 12:53 PM Hong Kong stocks climb sharply on recovery hopes sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks ended the Monday morning session sharply higher as investors continued to put their funds into equities on renewed hopes for a global economic recovery later this year. The benchmark Hang Seng Index was up 1.61 percent, or 187.93 points, to 11,890.08 by the midday break, extending a 2.4 percent gain last week. But analysts expect the index to meet strong resistance at 12,000 after recent gains, noting the short-term economic outlook remains gloomy. "The 12,000 level has acted in the past as a major support or resistance level on many occasions dating back to 1993," said John Schofield, technical analyst at Prudential Bache Securities in Hong Kong. The HSI tested the 12,000 level three times in December -- on the sixth, when it touched a high of 11,958, then on the 12th as it peaked at 11,865 and then on the following day, reaching an intraday high of 11,875. Sentiment was given a boost on Monday morning after U.S. unemployment in December rose at its slowest rate since August, reigniting hopes for an economic rebound later in the year. Property heavyweights helped to send the local market higher, as investors expect an economic recovery to boost sales and prices in the sagging sector. Top gainers included developers Sun Hung Kai Properties <0016>, up 4.17 percent to HK$68.75, and Henderson Land <0012> which climbed 3.9 percent at HK$37.30.