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

To: StanX Long who wrote (64265)	6/7/2002 2:41:22 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hang Seng lower but sentiment firm Friday June 7, 1:33 PM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks were lower by midday on Friday, weighed down by export and telecom plays, but sentiment remained firm on hopes for a global economic recovery later in the year, analysts said. The benchmark Hang Seng Index slipped as much as 1.1 percent in early trade but recovered slightly to end the morning session down 0.69 percent, or 78.31 points, at 11,302.46. Turnover was modest at HK$3.82 billion (US$489 million), lower than the HK$3.97 billion on Thursday morning, indicating that selling pressure was light. Some analysts remain bullish on the outlook of the market, saying that it will benefit from an expected economic rebound and fund flows out of the United States due to a weak dollar. "It looks like the market has stabilised and found its bottom. I think it should resume its uptrend soon," said Alex Tang, research director at Core Pacific-Yamaichi. On the technical front, Tang said a strong buying signal has emerged as the index's 50-day moving average has gone above its 250-day average for the first time since October 2000.