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

To: stox19 who wrote (58548)	1/8/2002 11:25:43 PM
From: Return to Sender	Read Replies (1) \| Respond to of 70976

HK stocks down sharply at noon led by China Mobile (UPDATE: Adds sharp slide in late morning) biz.yahoo.com HONG KONG, Jan 9 (Reuters) - Hong Kong stocks were sharply lower at noon on Wednesday led by the bourse's second largest stock China Mobile, which slumped on renewed worries of the impact of increasing competition. Investors were also locking in profits after recent gains, triggered by caution ahead of earnings reports next week from the United States, Hong Kong's second biggest export market. The Hang Seng Index (^HSI - news) was down 2.84 percent at 11,380.78 at 0404 GMT, erasing all the gains made so far this year. China's two mobile phone operators have been hit by Beijing's confirmation on Tuesday that it plans to issue two more mobile phone licences to increase competition in the sector as part of an overhaul of the industry over the next two years. China Mobile was down 7.08 percent at HK$25.60, extending a 2.99 percent loss on Tuesday. Its smaller rival China Unicom was down 4.62 percent at HK$8.25, after sliding 2.81 percent on Tuesday.