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

To: StanX Long who wrote (63821)	5/16/2002 2:29:42 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Straits Time Index falls as Datacraft plunges Thursday May 16, 1:41 PM sg.news.yahoo.com SINGAPORE (Reuters) - Singapore shares were lower at midday on Thursday as technology stocks dropped, led by a plunge in Datacraft Asia after a shock profit warning. The bellwether Straits Times Index fell 0.63 percent or 11.04 points to 1,736.28 by the break. Losers thumped gainers 170 to 61 in the broader market in brisk volume of about 235 million shares. "For lack of any other leads, we're following Wall Street," said an institutional dealer at a regional brokerage. "The market is also focusing on company-specific news. It's really an order-driven market nowadays." The blue-chip Dow Jones industrial average fell 0.53 percent to 10,243.68 points on Wednesday, while the tech-laced Nasdaq Composite Index edged up 0.38 percent to 1,725.56. Datacraft tumbled 15.82 percent to a six-month low of US$1.65 on volume of 19.4 million shares. The stock was suspended for two hours until 0300 GMT after the system integrator's announcement it would post a loss in the second half of the year. The company, a unit of South African tech group Dimension Data, said it expected the losses because of provisions in China. Gregory Yap of OCBC Securities said he now sees Datacraft posting a loss of US$3 million to US$7 million for the year to June. He had been projecting a full-year profit of US$16 million due to a stable second half and non-recurrence of one-time items.