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

To: StanX Long who wrote (64324)	6/12/2002 1:15:44 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hong Kong stocks open lower as Johnson Electric extends fall Wednesday June 12, 10:20 AM sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong stocks opened lower on Wednesday following a weak performance on Wall Street, with export play Johnson Electric extending its near 12 percent plunge on Tuesday after posting lower than expected full-year earnings. The benchmark Hang Seng Index of 33 blue chips eased 0.55 percent to 11,152.79 points by 10:03 a.m. (0203 GMT). Shares of Johnson Electric, which makes motors that power car seats, cordless drills and DVD players, lost a further 1.62 percent to HK$9.10, after shocking the market with a 24 percent slide in its earnings for the year ended March 31. Analysts said while they expect support for the stock at HK$9.00, they remained concerned about the sustainability of the company's strong first quarter growth. After the market closed, Johnson chairman Patrick Wang said group sales in April and May excluding contributions from last year's acquisitions, were more than 20 percent above year-ago levels. Overall, market turnover stood at HK$512.9 million (US$65.8 million) after about eight minutes' trade, with losers overwhelming gainers 123 to 40 and 625 stocks unchanged.