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

To: StanX Long who wrote (64096)	5/30/2002 4:38:53 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hang Seng hits one-month low on recovery worries Thursday May 30, 2:40 PM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong's benchmark share index ended the Thursday morning session at its lowest level in a month, as nagging worries about the pace of economic recovery in the United States, the territory's second largest trade partner, kept investors at bay. Losses were widespread among blue chips, but market action was dominated by Star Cruises, the world's fourth biggest cruise line operator, and computer monitor maker TPV Technology after the two companies announced share placements at a discount. The Hang Seng Index shed 1.24 percent, or 141.37 points, to 11,289.29, its lowest intra-day level since April 29. Traders said the index is expected find new support at 10,900 points after sinking below the 250-day moving average of 11,366. "It's a fund flow-driven decline, previously investors may have been too bullish," said Alex Wong, research director at OSK Asia Securities. "There's quite a lot of downside (from here)." Market turnover at HK$6.04 billion (US$774 million) was stronger than Wednesday's midday level of HK$4.45 billion. Star Cruises, and TPV, the world's number two maker of cathode-ray tube computer monitors, were the most actively traded stocks, falling 9.72 percent to HK$3.25 and 5.6 percent to HK$2.95, respectively. Both companies announced share top-up schemes at a discount to their stock's last close, leading to the slide in their share price. A top-up scheme involves the placement of existing shares and the subscription of new ones by the same shareholder to raise funds for the company. While Star Cruises is viewed as an illiquid stock with little investor interest, TPV stock has been a star performer, soaring 93 percent in the last year to Wednesday's close.