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

To: IQBAL LATIF who wrote (18244)	5/4/1998 6:41:00 AM
From: IQBAL LATIF	Respond to of 50167

The worries - dailynews.yahoo.com

To: IQBAL LATIF who wrote (18244)	5/4/1998 12:46:00 PM
From: IQBAL LATIF	Respond to of 50167

ASEAN CRISIS-- TURNING AROUND by Chris Johnson SINGAPORE, May 4 (Reuters) - Asia will emerge from its crisis stronger and as a model for good policy making, International Monetary Fund chief Michel Camdessus said on Monday. Camdessus told a news conference in Singapore the region's economic troubles were still not over but there was a strong commitment in many quarters to solve the problems. "The crisis is not yet over. But we are turning the corner," Camdessus said after opening a regional training institute, set up by Singapore and the IMF. "We have distinctly turned the corner in Thailand and Korea," he added. The IMF's managing director said reforms of financial markets and institutions being undertaken across the region would be painful but would leave Asia stronger and eventually able to return to the high rates of economic growth enjoyed before the economic crisis. "Asia will again be a showcase, not just of high growth and sizeable capital inflows...but of what countries can do to improve their policies, strengthen domestic institutions and governance, and thereby strengthen the foundations for sustained, high-quality growth," Camdessus earlier said in a speech to Asian central bankers and officials. He said Asia had long been an example of the benefits of globalisation. In 1996, the region attracted almost half the $235 billion in private capital flows to developing and transition economies. Some of those flows had not been invested wisely, but moves towards globalisation had allowed many Asian states to accelerate investment and growth and create more jobs, he said. Camdessus said Asia's recent experiences had highlighted the risks for countries tapping global capital markets. This underlined the need for timely release of economic data, sound policies, strong domestic financial systems, greater transparency and ensuring capital account liberalisation proceeded in an orderly manner. Speaking to the same audience, Singapore Finance Minister Richard Hu said countries needed adequate safeguards and disclosure rules before liberalising their financial systems. "East Asia has learnt, the hard way, that it does not pay to keep the markets guessing. Investors assume the worst when governments and companies are perceived to be withholding information," Hu said. Camdessus said many Asian countries were tackling the problems exposed by the Asian economic crisis and praised Indonesia for its commitment to reform. He said he had recommended the IMF resume bailout payments to Jakarta. The IMF is expected to approve a $1 billion loan payment to Jakarta later on Monday and plans to disburse a further $2 billion in June and July under a more than $40 billion package aimed at rescuing Indonesia's battered economy. The IMF has held three rounds of negotiations with Indonesia over the past six months. The first two produced announcements of reform packages but subsequent inaction by the government. But Camdessus said he thought Indonesia would adhere to the latest programme agreed with the IMF. "What I observed in Indonesia was an extremely strong commitment on the part of the authorities to stick to the programme," he said. "As far as the programme is concerned...all the signals received are for a very strict implementation." Also giving an upbeat assessment of the Asian crisis, a senior official of Singapore's de facto central bank, the Monetary Authority of Singapore (MAS), said the worst of the turmoil may have passed. Teh Kok Peng, MAS deputy managing director, told a seminar of Asian central bankers he expected a spate of bank and corporate failures in the short term, but said this meant the healing process was under way. "The dust has not fully settled," Teh said. "This year we will see a very sharp contraction in the real economy in Asia." But he added: "Barring surprises, the worst turbulence in financial markets is probably behind us."

To: IQBAL LATIF who wrote (18244)	5/4/1998 1:18:00 PM
From: Stoctrash	Read Replies (1) \| Respond to of 50167

For immediate future if 1130 is taken out today I will see SPM as high as 1155- if 1130 is broken we go back to 1005 and retest 1085 within this week. I am strongly biased in favour of 1155 instead of 1085. 70/30 is my tilt. SOX I would assume will consolidate in immediate term and try to make a new.. Is intraday enough or do you need close below 1130? We gunna see them lows anytime soon or is this market like ENMD :-) TIA...fred