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Technology Stocks : SAP A.G. -- Ignore unavailable to you. Want to Upgrade?

To: tom ablett who wrote (778)	4/29/1998 9:49:00 AM
From: NIng Zhao	Read Replies (2) \| Respond to of 3424

Does anyone know whether the SAPHY is price constantly throughout the trading day based on the German close, or does the price fluctuate? If the price is constant, and the US Market increases. Then it seems like someone could do arbitrage where they could buy SAPHY based on the previous day's close, and sell it in Germany at a higher price. Any thoughts?

To: tom ablett who wrote (778)	4/29/1998 11:52:00 PM
From: Ibexx	Respond to of 3424

Hi Tom, Just got back to SU awhile ago. Re. SAPHY's trading dynamics, I have to admit that I know very little about it--not being a daytrader and especially on this one. For the four purchases I made, each time I gave my broker a range to work with, and sometimes he got me better price than what I set limit for. To this date, I have not sold a single share of my SAPHY holding. However, a friend of mine did sell to raise case for a boat. He said the market for this issue (the ADR) seemed quite liquid; he got his sell order filled a few hours after placing it. Hope the above helps, Ibexx