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

To: StanX Long who wrote (64053)	5/27/2002 10:17:21 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hang Seng falls but investors still see upside Monday May 27, 4:43 PM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks dipped on Monday but many investors were waiting to step in and buy at slightly lower levels, believing the market has upside in the longer term given signs of a pick-up in the economy, analysts said. The government announced after the market closed that Hong Kong's exports rose 2.5 percent in April, marking a year-on-year increase for a second straight month and indicating the economy is likely pulling out of a year-long slump. However, export growth was less than forecasts for a three to 10 percent jump and imports fell 2.1 percent, indicating domestic demand remains stubbornly weak. The Hang Seng Index slipped 0.53 percent, or 62.05 points, to 11,564.73, extending a 2.9 percent loss last week as investors became nervous that the U.S. economy, and Hong Kong's second biggest export market, may be growing at a slower than expected pace. But it did manage to stay above key support at 11,500. "I stick to my view that the downside won't be great," said Joseph Lau, a director of Tai Fook Asset Management which runs portfolios for private clients.