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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Mongo2116 who wrote (1668)	11/29/1998 10:15:00 PM
From: Tim Luke	Respond to of 90042

Sunday November 29, 8:49 pm Eastern Time Hong Kong stocks set to fall in consolidation HONG KONG, Nov 30 (Reuters) - Hong Kong stocks were expected to open easier on Monday with HSBC Holdings Plc leading the fall due to weakness in the banking sector in London, brokers said. However, derivatives-linked buying should limit the downside, they said. ''The market should open down in initial trade after HSBC closed lower in London on Friday,'' said Alex Wong, research manager at OSK Asia Securities. The resignation of Barclay's chief executive triggered fears that the earning prospects of banks in London would not be as good as people expected, he said. Barclays (quote from Yahoo! UK & Ireland: BARC.L) tumbled 7.7 percent after chief executive Martin Taylor resigned on Friday. The bank also made a lower-than-expected profit projection. ''HSBC may lead the narket fall with the Hang Seng Index easing to 10,550 points,'' Wong said. The blue chip index slipped 36.81 points, or 0.34 percent, to close at 10,742.11 on Friday. ''The market should move within 10,500 to 10,800 points,'' said Percy Au-Young, sales director at DBS Securities. He said the market had been prepared for the poor third quarter economic report released by the Hong Kong government on Friday. After the market closed, the government announced that Gross Domestic Product had contracted by about 7.0 percent year-on-year during the third quarter, or at the high end of analysts' estimation of 6.5 to 7.0 percent. Wong said trading was likely to be quiet on Monday with no concrete good news around and investors watching for direction from overseas markets. Tokyo's Nikkei 225 average was down 16 points, or 0.11 percent, at 15,053 at 0145 GMT.