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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: MonsieurGonzo who wrote (14851)	11/20/1997 1:19:00 AM
From: Burjis S.	Read Replies (1) \| Respond to of 50167

Bon Jour Steve! ...Fellow Threaders Nikkei and HSI closings ... HONG KONG, Nov 20 (Reuters) - Hong Kong stocks recovered from early weakness on Thursday morning as concern over interest rates and regional currency weakness was offset by Tokyo's strong showing. The key Hang Seng Index sank to a low of 10,042.02 points but reversed course as property stocks shrugged off early losses. The blue-chip index stood 22 points, or 0.22 percent, higher at 10,176 after the first 40 minutes of trade. Turnover was HK$2.04 billion (US$264 million). ''People are worried there will be another attack on the Hong Kong dollar because of the fall in the Korean won,'' said Patrick Chia, research director at China Everbright Research. ''Interest rates are stable this morning but they did go up yesterday.'' The South Korean won fell by its daily limit to a record low of 1,139 to the U.S. dollar on Thursday. The Hong Kong dollar was steady at HK$7.7304/14 in early trade and the three-month Hong Kong dollar deposit rate was little changed at 11-12 percent compared with Wednesday's close of 12 percent. Chia said gains in Tokyo were helping the local market. Tokyo stocks ended Thursday morning sharply higher after roaring back into positive territory in early morning on reports that an ex-prime minister had asked Prime Minister Ryutaro Hashimoto to consider using public funds to help ailing banks, brokers said. The Nikkei 225 average soared 545.45 points or 3.44 percent to 16,387.91 by midday, turning around the biggest point loss of the year incurred on Wednesday. The Nikkei rose as high as 16,544.56. December Nikkei futures rose 600 points to finish the morning at 16,450. 00:31 11-20-97