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To: Steve Fancy who wrote (6500)	8/11/1998 4:06:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

HK stocks extend slide in afternoon Tuesday August 11, 3:28 am Eastern Time HONG KONG, Aug 11 (Reuters) - Hong Kong stocks extended their slide on Tuesday afternoon, unnerved by jitters over the stability of the Chinese and Hong Kong currencies, brokers said. The Hang Seng Index opened the afternoon session at 6,792.08 points, off 3.45 percent. The blue chip index quickly continued the fall to a new low for Tuesday at 6,773.11 points, down 261.51 points, its lowest intra-day level since July 26, 1993, when the index hit a low of 6,750.95. Investors eyed with concern the Japanese yen as the U.S. dollar soared above 147 yen in late trade on Tuesday, its highest level since August 1990. ''Most investors are still very, very nervous,'' said Miles Remington, sales trader at SG Securities. ''As long as we have the yen trading closer to 150 than it is to 140 it is going to very difficult for us to stop the rot.'' The weak yen weighed on currencies elsewhere in Asia and Hong Kong stocks fell in tandem with most other regional stock markets. In Tokyo, the key 225-share Nikkei average closed down 1.40 percent at 15,406.99. Higher local interbank rates and falling futures added downward pressure on the market. The August Hang Seng Index contract was off 315 points at 6,695. Selling was across the board with index heavyweight HSBC Holdings (0005.HK) slumping HK$8.00 to HK$154.00 and CLP Holdings (0002.HK) falling HK$2.10 to HK$30.20. Sun Hung Kai Properties (0016.HK) was down HK$2.00 at HK$22.95 while Cheung Kong (0001.HK) lost HK$0.70 to HK$30.20. The Hang Seng Index extended its fall to 6,727 points, off 4.37 percent. It later hit a low of 6,725.59, its lowest intra-day level since July 23, 1993, when it hit 6,707.93. China plays also suffered and the China-Affiliated Corporations Index lost 3.49 percent to 590.41 while H shares were down 4.64 percent at 274.62.