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

To: StanX Long who wrote (60592)	2/15/2002 3:31:41 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

China technology plays pull Hang Seng higher Friday February 15, 1:13 PM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks were higher by midday on Friday, as investors played catch-up after strong gains in the U.S. while local markets were closed for the Lunar New Year holidays. Mainland Chinese technology and telecoms issues led the market higher after being sold down recently on worries that increasing competition at home would crimp their previously stellar growth rates. Analysts said the selling may have been overdone as companies like China Mobile <0941>, the mainland's number one cellular phone operator, and China's top personal computer maker Legend Holdings <0992> were likely to outperform many of their global sector peers over the next two years. The benchmark Hang Seng Index was up 1.51 percent at 10,996.48 by the midday break, but well off a more than two percent jump at the open, which sent it briefly above the 11,000 level for the first time since late January. Turnover stood at HK$4.78 billion (US$613 million), slightly heavier than Monday's turnover of HK$4.5 billion. Gainers led losers 207 to 153. The index gave up some of its early gains as investors remained concerned over the lacklustre local economy. Hong Kong's markets reopened on Friday after being closed since Monday afternoon for the Chinese Lunar New Year. Over that time, the blue chip Dow Jones industrial average gained 2.64 percent, while the technology-laced Nasdaq composite index rose 1.3 percent, despite a 0.85 percent fall on Thursday. The Dow ended up 0.12 percent on Thursday. U.S. markets were boosted by bullish economic data, but gains were capped by lingering doubts over earnings in the technology sector and continuing worries over accounting practices at large corporations.