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

To: StanX Long who wrote (58680)	1/11/2002 12:26:21 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Friday January 11, 11:28 AM Hong Kong stocks rise, snapping three-day losing streak sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks edged higher in early trade on Friday, snapping a three-day losing streak, after selling on Wall Street eased and profit taking on key local blue chips was seen to be overdone, analysts said. The benchmark Hang Seng Index was up 0.46 percent or 52.22 points at 11,308.29 at 10:34 a.m. (0234 GMT) after tumbling 5.4 percent since Monday's close. Analysts sees immediate support for the Hang Seng at 11,100-150 and resistance at 11,350-400. "The market is still in a consolidation phase," said Philip Chan, head of research at Capital Securities. "But it expects the U.S. to lead global economic recovery later this year and it is chasing exporters that have market share in the U.S. like Li & Fung <0494>, Johnson Electric <0179> and smaller exporters like TechTronic Industries <0669>." Consumer goods and garment trading group Li & Fung was up 3.27 percent at HK$11.05 after shooting up to HK$11.50 soon after opening; micro motor maker Johnson Electric was 2.73 percent higher at HK$9.40 and power tool maker TechTronic was 1.92 percent up at HK$3.975.