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

To: StanX Long who wrote (61987)	3/13/2002 12:52:49 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Asia Watch: Hong Kong up on mainland hopes By Joe Leahy and Justine Lau in Hong Kong Published: March 12 2002 13:54 \| Last Updated: March 12 2002 14:21 news.ft.com Hopes that mainland investors might soon be permitted to buy stocks in Hong Kong drove the shares of Chinese companies listed in the territory - known as H shares - sharply higher on Tuesday. Dai Xianglong, China's central bank governor, said on Monday Beijing was studying a proposal to allow mainland investors to place their foreign currency savings in Hong Kong equities, possibly through a qualified domestic investor scheme. "If China is going to allow more money to be invested in Hong Kong, you know it will probably go to the H shares," said a trader with a foreign brokerage in Hong Kong. "So today the smart money was heading in that direction." On Tuesday, Hong Kong's H share index was up 59.89 points, or 2.9 per cent, at 2,122.61 on the news. The related "red chip" index, which tracks China-related investment companies incorporated in Hong Kong, was also higher in the morning but ended down 5.26 points, or 0.4 per cent, at 1,286.32 on selling of major Chinese telecoms stocks ahead of corporate news in Europe. Mainland investors are currently prohibited from buying Hong Kong stocks as part of capital controls maintained by China to protect its currency. In recent months, however, there has been a growing push by China's capital markets supervisor, the China Securities Regulatory Commission, to allow selected domestic investors to enter the territory's market.