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

To: StanX Long who wrote (64266)	6/7/2002 2:44:33 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Straits Times Index deepens losses as techs hit Friday June 7, 1:51 PM sg.news.yahoo.com SINGAPORE (Reuters) - Singapore shares stretched losses further by midday on Friday, led by technology stocks hurt by Wall Street's fall and a cut in revenue guidance by bellwether Intel Corp. The Straits Times Index lost 0.37 percent, or 6.07 points by the break, to 1,646.39 after dawdling in an 11-point range for the morning session. "I think in the short-term, the market will continue to languish. In this market, some will do nothing, but we still think there are tech counters worth buying due to the recovery story," Yang Sy Jian, director of research at UOB-Kay Hian. Yang said it is possible that the short-term weakness may lead to a breach of the 1,600 point level. "With the news that Intel has lowered its revenue forecast, our market is bound to break the 1,640 to 1,650 now," said Gregory Yap, research manager at OCBC Investment Research said. "There is likely to be some support at 1,610 but don't count on that holding," Yap said indicating the next support zone is around 1,570 to 1,600. Intel, the world's largest semiconductor maker, lowered its second quarter revenue guidance, citing lower-than-expected demand in Europe. The news sparked a steep slide in Intel shares in after-hours trading.