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

To: Millby2000 who wrote (6276)	11/10/1998 10:00:00 PM
From: Tim Luke	Respond to of 7247

Tuesday November 10, 9:41 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) HK stocks erase opening losses, firmer in morning HONG KONG, Nov 11 (Reuters) - Hong Kong stocks erased opening losses and were firmer on Wednesday morning, boosted by active overseas buying, brokers said. The Hang Seng Index rose 83 points, or 0.86 percent, to 9,805 points after falling 43 points earlier. ''Obviously, there is increased buying from Europe and the United States, and the Singapore and Philippine markets are also higher this morning,'' said Percy Au-Young, sales director at DBS Securities. ''We thought foreign funds would wait for a lower entry point but it seems that some of them are impatient and are simply jumping in,'' he added. A sharp rise in Hang Seng Index futures helped lift the market. The November contract rose 150 points to 9,825, a 65 point premium to the spot index. Blue chips were mostly firmer with Cheung Kong gaining HK$1.00 to HK$53.25 and HSBC Holdings up HK$0.50 at HK$176.50. Turnover was HK$1.66 billion in the first 35 minutes. ''The market is still in a trading range, and bargain hunters emerged this morning since the Hang Seng Index has corrected by about 800 points from its high last week,'' said Sean Li, associate director at Amsteel Securities.