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To: Tim Luke who wrote (76033)	11/1/1998 12:08:00 AM
From: Ian Davidson	Respond to of 176387

AMEN to that! <eom> Ian

To: Tim Luke who wrote (76033)	11/1/1998 11:13:00 PM
From: Tim Luke	Read Replies (1) \| Respond to of 176387

Sunday November 1, 10:23 pm Eastern Time Nikkei up 1.5 pct at midday on U.S. rally, banks TOKYO, Nov 2 (Reuters) - Tokyo's benchmark Nikkei average closed the morning session up 1.5 percent on Monday, as a rally on Wall Street and other markets in Latin America eased renewed worries over global financial turmoil, traders said. The stock average was also supported by gains in the banking sector, which were helped by newspaper reports on an alliance among three major Japanese banks, they said. The 225-share Nikkei average was up 1.5 percent or 203.79 points at 13,768.30 by midday December Nikkei futures stood 220 points higher at 13,770. ''The market is relieved by a rise in overseas markets, which were helped by the G7 pact. In particular, New York's rally helped Tokyo's blue chips to rebound,'' said Masatoshi Sato, a manager at Kansaku Securities. The Tokyo market had been worried over instability in U.S. stocks, which was partly due to concerns about Brazil's teetering economy. On Friday, the Dow Jones Industrial Average was up 97.07 points or 1.14 percent to close at 8,592.10. Stocks in Brazil surged 7.8 percent. Stock markets were supported by measures outlined by the Group of Seven at the weekend to help prevent new financial crises. ''But blue chips won't be able to keep on rising, as the topside will be capped by the dollar's fall against the yen,'' Sato said. The dollar stood at 114.75/85 yen at Monday midday in Tokyo against 116.00/10 yen on Friday in New York. Traders also said shares in the banking sector were supported by a reported new alliance of Fuji Bank , Dai-Ichi Kangyo Bank (DKB) and Yasuda Trust & Banking Co , as the report eased worries over huge bad loans saddling Yasuda. The Nihon Keizai Shimbun said on Friday that Fuji and DKB were studying a plan to form a partnership with Yasuda in trust banking and other areas. The financial newspaper also said on Monday that Fuji and Yasuda had reached an agreement to form a joint financial holding company by the business year to March 2001. Fuji, however, denied it had seriously considered such an agreement, calling the report groundless. At midday, Fuji was up 39 yen at 485, Dai-Ichi Kangyo was up 42 yen at 757 and Yasuda was bid-only at 127 yen against Friday's 97. But analysts traders said gains in these banks' shares could be short-lived. ''The market's reaction was a lukewarm welcome,'' said Katsuhito Sasajima, a senior financial analyst at Nikko Research Center. ''The banks did not step into drastic restructuring plans, which makes their future unclear,'' he said. Other factors in the market: Trading volume was light, with 174 million shares changing hands on the first section of the Tokyo Stock Exchange. Broader indices were higher. TOPIX up 21.47 points or 2.07 percent at 1,057.07. Nikkei 300 up 5.02 points or 2.44 percent at 210.41. Second section index up 4.25 points or 0.40 percent at 1,066.80. *Atsugi Nylon Industrial Co Ltd down 39 yen or 27.86 percent at 101, making it the top percentage loser in the first section. The firm said on Friday it would post a special loss of 66 billion yen in 1998/99 from dissolving 10 domestic units including six production units

To: Tim Luke who wrote (76033)	11/1/1998 11:16:00 PM
From: Tim Luke	Respond to of 176387

Sunday November 1, 10:37 pm Eastern Time HK stocks modestly up in early trade, gains pared HONG KONG, Nov 2 (Reuters) - Hong Kong stocks were modestly higher on Monday morning following firmer overseas stocks, but profit-taking pared initial gains, brokers said. The Hang Seng Index added 70 points, or 0.70 percent, to 10,225 after hitting an early high of 10,286.08 points. Turnover was a moderate HK$1.09 billion. ''There is some profit-taking after the market opened higher but selling is relatively light,'' said Jason Tang, institutional sales trader at South China Securities. He said the market was in consolidation mode after rising 29 percent in October, but the upward momentum remained intact. The Dow industrials rose 97.07 points, or 1.14 percent, to close at 8,592.10 on Friday, boosted by proposals by the Group of Seven nations to tackle the global turmoil and stronger-than-expected 3.3 percent estimated growth in U.S. third quarter gross domestic product. Tang said the G7 steps to address the global crisis, including an agreement to provide an additional US$90 billion to bail out crisis-hit nations, helped market sentiment. ''There is light buying interest for individual blue chip laggards, otherwise the index heavyweight stocks are mostly taking a breather,'' he said. Swire Pacific fell HK$1.20 to HK$39.90 and HSBC Holdings was down HK$0.50 at HK$177.00. But Wharf Holdings rose HK$0.35 to HK$12.65 on bargain hunting. ''Turnover is quite low today and therefore I do suspect that we can see the market consolidate from here,'' said Lino Delgado, associate director at Amsteel Securities. He said the market was likely to fall to 10,000 points given the sharp rise in the past few weeks. The Hang Seng Index had erased gains by mid-morning and was down 60 points, or 0.59 percent, at 10,095 points at 0322 GMT. First Pacific added HK$0.225, or 6.12 percent, to HK$3.90 after the company said on Monday it would seek representation on the board of Philippines Long Distance Telephone Co if it succeeded in enlarging its investment in the company. Red chips and H-shares bucked the trend and were mostly firmer with investors switching from blue chips to selected laggards, brokers said. The red chip Hang Seng China-Affiliated Corporations Index rose 34 points, or 3.71 percent, to 959 points and the H-share index added 15 points, or 3.68 percent, to 436 points. Shanghai Industrials rose HK$0.50 to HK$18.40 and China Telecom added HK$0.05 to HK$14.60.