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Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (6181)	11/10/1998 3:05:00 PM
From: Starduster	Respond to of 7247

Makes me think I should... s

To: Tim Luke who wrote (6181)	11/10/1998 9:23:00 PM
From: Tim Luke	Respond to of 7247

Tuesday November 10, 8:50 pm Eastern Time HK stocks seen easier on continued consolidation HONG KONG, Nov 11 (Reuters) - Hong Kong stocks are set to fall on Wednesday following an easier overnight close on Wall Street and a lack of fresh good news, brokers said. ''There is still some pressure for correction after the market's sharp rise in October,'' said Ben Kwong, head of research at Dharmala Securities. A lower New York close and a weak Japanese yen would dampen buying interest, he said, adding that the Hang Seng Index was likely to test its support of 9,500 to 9,600 on Wednesday. The blue chip index fell 130.60 points, or 1.33 percent, to end at 9,721.33 on Tuesday. Later the Hang Seng London Reference Index eased 99.69 points, or 1.03 percent, at 9,621.64. Trading was expected to be quiet ahead of the U.S. Federal Reserve's policy meeting on November 17. Brokers said the U.S. dollar was firmer recently and the market generally believed chances for a rate cut in the United States were limited. ''If the Fed decides not to lower U.S. interest rates, Hong Kong will only have room for a 25 basis points cut and therefore the impact would be mininal,'' said Gilbert Chu, head of research, Sun Hung Kai Research. He said the Hong Kong market was taking the weak yen as an excuse to consolidate but the pullback would be modest. Cathay Pacific Airways Ltd's conditional proposal for a possible investment in Philippine Airlines Inc (PAL) had been accepted, which should be mildly positive to Cathay, brokers said. Cathay chief executive David Turnbull said on Tuesday the airline had made a provisional offer of three to four billion pesosto PAL. But Chu said the move had largely been reflected in Cathay's share price.