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To: long-gone who wrote (88269)	7/23/2002 9:57:21 PM
From: Richnorth	Respond to of 116753

Call it manipulation, smoke-and-mirrors and whatnot, but ............. Asian stocks are springing back to life! ASIAN bourses snapped back to life yesterday, in stunning defiance of the traditional overnight cue from markets in the United States. Dealers said that stocks in Asia rebounded largely as a result of widespread expectations of an ensuing stock-market recovery in the US following what many saw as Monday's bottoming out. Advertisement Overnight, Wall Street posted its 10th decline in 11 sessions, with the Dow Jones Industrial Average sliding almost 3 per cent to close at 7,784.58 points, its lowest level since October 1998. The index has lost 17 per cent in a 1,595-point fall over the past 11 sessions. Other dealers said that a turnaround in US stock futures was the key factor for Asian markets' upbeat sentiment. True enough, US stock prices opened higher last night. After the first two hours of trade, the Dow was up 88.96 points, or 1.1 per cent, at 7,873.54. Summing up the mood of the regional markets, UOB Kay Hian strategist Yang Sy Jian said: 'Asian markets were resilient because the shake-out in the 1997-1998 Asian currency crisis had already winnowed many of the crappy companies from the corporate scene, and eliminated most of the bad debts from balance sheets.' Others pointed out that the decoupling between Asia and the US has been happening for some time. On Monday, many Asian markets proved their resilience. There was also a noticeable influx of funds into Asian bourses after the latest selldown in the US made stocks in the region look more attractive. But many hedged their optimism with this: that if Wall Street continued to dive, Asia would head south too. This is because a prolonged weakness on Wall Street could by itself derail the economy from its growth track. 'More blood-letting could be on the cards if Wall Street's fall continues unabated,' a research head of a large local brokerage said. Leading the regional markets higher yesterday was Korea, where the key Stock Price Index rose 3.1 per cent after losing more than 4 per cent on Monday. Stock markets in Taiwan and Hongkong clocked gains too, with benchmark indices rising more than 2 per cent each. They were followed by Singapore, Thailand and Malaysia, each of which gained more than 1 per cent, while Indonesia, Japan and the Philippines chalked more modest increases of less than 1 per cent. straitstimes.asia1.com.sg