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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Panita who wrote (3339)	9/6/1998 11:15:00 PM
From: chirodoc	Read Replies (1) \| Respond to of 119973

this may have helped improve HK Sunday September 6, 9:48 pm Eastern Time Note: this article has a followup with more information. HK stocks seen up on lower rates after HKMA move HONG KONG, Sept 7 (Reuters) - Hong Kong stocks are set to rise on Monday after the Hong Kong Monetary Authority announced measures to strengthen the currency board system and interest rates fell to single digits in early trade, brokers said. ''Hong Kong's financial system could possibly be more stable and sound under the HKMA's new measures,'' said Terry Cheung, sales director at Core Pacific-Yamaichi (HK). ''The move was positive and caught the market by surprise which could boost interest rate sensitive stocks such as banks and property stocks,'' he said. Hong Kong's interbank rates fell sharply on Monday morning after the HKMA, Hong Kong's de facto central bank, announced on Saturday a seven-point plan to improve liquidity in the banking system and bolster the currency peg. The overnight interbank rate opened at 3.00-3.50 percent from Friday's close of 4.00-6.00 percent, and the three-month rate dropped to 7.50-8.00 percent from 11.00-11.50 percent on Friday. ''The market will be firmer since the government measures should help stabilise the Hong Kong dollar and interest rates,'' said Ben Kwong, head of research at Dharmala Securities. A firmer yen and higher Japanese stocks would also lift stocks in the region, brokers said. The U.S. dollar fell over two yen from early highs and the yen was at 132.20/30 against the dollar due to selling by overseas hedge funds in early trade. ''The Hang Seng Index is likely to see good resistance at 7,800 depending on the size of short covering,'' Kwong said. The blue chip Hang Seng Index rose 169.88 points, or 2.32 percent, to finish at 7,488.47 on Friday. Later the Hang Seng London Reference Index eased 30.79 points, or 0.41 percent, to 7,457.68