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

To: advocatedevil who wrote (60702)	2/19/2002 4:22:07 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

HK stocks close lower, tracking global equities sg.biz.yahoo.com By Susan Fenton HONG KONG, Feb 19 (Reuters) - Hong Kong stocks slid on Tuesday as weakness in equity marketsin Europe and Asia prompted investors to lock in profits on the benchmark index's 5.7 percent gain over the previous four trading sessions. With no direction from Wall Street, which was closed on Monday for Presidents' Day, investors looked to Tokyo in particular. The Nikkei average fell 2.44 percent as a visit by U.S. President George W. Bush ended without the Japanese government unveiling any concrete policy steps to revive the economy. The Hang Seng Index <.HSI> fell 1.48 percent, or 162.32 points, to 10,840.49, the lower end of its 200-point trading range for the day. But turnover was thin at HK$5.9 billion (US$755 million) and below its 20-day moving average of HK$6.5 billion. "We are seeing some profit taking today but we think 11,500 is fair value for the index for the next three months," said Kingston Lee, a fund manager at Schroder Investment Management, which oversees more than US$10 billion in assets in Asia ex-Japan. Lee expects the index to trade between 10,500 and 11,000 in the next few days but still believes it is on course to hit 14,000 later this year as the economy picks up. Blue chips fell across the board with property stocks suffering sharp losses after outperforming in previous sessions. Strong housing sales over the Lunar New Year holiday last week had pushed stocks higher. But investors remain cautious as an oversupply of new flats leaves little room for developers to raise prices. The Hang Seng properties sub-index <.HSNP> dropped 1.88 percent to 14,781.45. Blue chip heavyweights also saw some significant losses. They included ports-to-telecoms conglomerate Hutchison Whampoa <0013.HK>, which was hurt by weakness in European telecom stocks on concern about growth in consumer demand. Hutchison dropped 2.52 percent to HK$67.75.