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Technology Stocks : C-Cube -- Ignore unavailable to you. Want to Upgrade?

To: CPAMarty who wrote (29024)	2/2/1998 1:33:00 AM
From: jerryrom	Read Replies (1) \| Respond to of 50808

HK stocks up 11% biz.yahoo.com HK stocks end morning stronger, index up 11 pct HONG KONG, Feb 2 (Reuters) - Hong Kong stocks closed the Monday morning session stronger as sentiment improved after the Chinese New Year holiday on growing optimism about the reforms in the region's financial markets, brokers said. The blue chip Hang Seng Index surged 1,018.36 points, or 11.01 percent, to close the midsession at 10,270.72, the highest level since January 5. ''Overseas markets are higher and regional currencies are steadier and that helped lift Hong Kong stocks,'' said Kinson Au, research manager at Asia Financial Securities. ''But I think the morning rally is a bit overdone,'' he added. The Jakarta Composite Index jumped 50.16 points, or 10.3 percent, at 536.10 in late morning as sentiment improved over the effectiveness of Indonesian economic reforms. Singapore's Straits Times Industrials Index rose 10.65 percent to 1,394.10 at the lunch break and the Philippine's main index closed 10.15 percent up at 2,145.70. ''It (the rally) was out of our expectation. We initially expected the index to test a high of 9,800 but now it breached through the 10,000 level,'' a broker at a regional house said. ''Many new funds were seen entered the market,'' he added. European and U.S. funds were seen snapping up shares of banks and major property companies, brokers said. Active buying lifted HSBC Holdings (0005.HK) HK$18.00 to HK$189.50. The banking giant topped the most active list with 14.57 million shares worth HK$2.72 billion after its U.S. unit HSBC Americas Inc reported a hefty 24 percent rise in its net income for 1997. ''Banks are strong today and HSBC is catching up on its gains in London,'' one broker said. Hang Seng Bank (0011.HK) soared HK$4.75 to HK$65.75 and Bank of East Asia (0023.HK) was up HK$0.75 at HK$14.10. Properties were strong. Cheung Kong (0001.HK) surged HK$7.20, or 18.23 percent, to HK$46.70 and Sun Hung Kai Properties (0016.Hk) rose HK$6.70 to HK$46.40. Blue chips rose across the board and in the overall market, there were 411 gainers against 41 losers with 213 stocks unchanged. Turnover rose to HK$11.34 billion from HK$5.65 billion at midsession on January 27 before the Chinese New Year holiday. Red chips and H shares outperformed the market after China's Vice Premier Li Lanqing said on Sunday China would be able to achieve a trageted GDP growth rate of eight percent in 1998. The red chip Hang Seng China-Affiliated Corporations Index rose 150.78 points, or 13.96 percent, to 1,230.78 and the Hang Seng Chinese Enterprises Index of H shares jumped 85.17 points, or 17.55 percent, to 570.47. February index futures soared 1,090 points to 10,430 and March contracts added 1,030 to 10,400. ''The market is likely to be choppy and a possible pull-back could drag the Hang Seng down to the 9,500 level in the next few days,'' Au said.