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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: AlanH who wrote (26809)	9/8/1998 12:52:00 AM
From: flickerful	Respond to of 94695

and i'll just bet you can't wait for the encore.... it boggles the mind, my friend. <g>

To: AlanH who wrote (26809)	9/8/1998 5:30:00 AM
From: flickerful	Respond to of 94695

HK stocks end firm but profit-taking trims gains Tuesday September 8, 4:44 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) HONG KONG, Sept 8 (Reuters) - Hong Kong stocks ended higher on Tuesday as investors continued to cover short positions amid an easier interest rate environment and firm Asian markets, but profit-taking set in during the afternoon trimming some gains. The Hang Seng Index ended the day 112.49 points, or 1.39 percent, higher at 8,189.25 after touching 8,331.69 points during the morning. Turnover was HK$8.43 billion compared with HK$9.76 billion on Monday. ''The lower interest rate environment which has been evident as a result of measures taken and also as a result of the very strong yen may support share prices at least in the near term,'' said Andrew Fernow, director of research at Vickers Ballas. ''The market has limited upside and could drift back but the downside may be limited because investors will continue to square off positions in future days.'' Hong Kong interbank rates were soft on Tuesday, benefiting from weekend measures announced by the Hong Kong Monetary Authority to boost liquidity in the banking system. The overnight rate was at 3.75-4.00 percent compared with a close of 3.75-4.25 percent on Monday and the benchmark three-month interbank rate was at 8.37-8.87 percent compared with 8.00-8.50 percent on Monday. ''Lower interest rates have improved the outlook in the longer run because it reduces borrowing costs and also increases the attractiveness of holding stocks. It definitely provides support for the market,'' said Alex Wong, research manager at OSK Asia Securities. ''But because the reaction has been so great, I think it is very natural to see some profit-taking take place very soon.'' The Hang Seng Index has gained 12 percent over the last three trading days. Fernow said the market could continue to benefit from short-covering after huge short positions were created over the last month. On Monday, the Hong Kong government announced plans to tighten regulations for short-selling. ''But once those positions are closed, then the market falls back to the real buyers and if the real buyers are fewer, then of course there is not as much momentum in the market and it is likely to succumb to selling pressure,'' Fernow added. He expected turnover to drop off later this week. China plays finished well off their highs on Tuesday. The red chip Hang Seng China-Affiliated Corporations Index closed up 5.15 points, or 0.68 percent, at 757.38 after hitting a high of 793.24. The H-share index ended the day up 0.15 of a point, or 0.04 percent, at 340.65 after rising to 358.02 earlier. The September futures contract on the Hang Seng Index closed on a gain of 215 points at 8,110. Among blue chips, HSBC Holdings Plc gained HK$2.50 to HK$162.00 and Cheung Kong (Holdings) Ltd rose HK$1.60 to HK$36.30, but Hongkong Telecom fell HK$0.15 to HK$15.85 after recent gains. First Pacific Co Ltd fell HK$0.35 to HK$2.60. It reported a rise in interim net profit on Monday to US$435.6 million from US$110.2 million after an exceptional gain of US$407.4 million. Sun Hung Kai Properties Ltd rose HK$0.90 to HK$27.50. The property developer said it was offering units at its Scenic View residential development at an average price of HK$3,487 per square foot.