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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: Nazbuster who wrote (3081)	12/14/1998 9:56:00 PM
From: Tim Luke	Respond to of 90042

thanks for the link daniel. personaly i think we will see some bottom fishing tomorrow....be cautious and selective because it will be the dell's and intc's that will lead the pack back.

To: Nazbuster who wrote (3081)	12/14/1998 10:29:00 PM
From: Tim Luke	Respond to of 90042

Monday December 14, 10:12 pm Eastern Time Note: this article has a followup with more information. HK stocks shrug off Wall St, edge up in morning HONG KONG, Dec 15 (Reuters) - Hong Kong stocks shrugged off an overnight drop on Wall Street to edge up on Tuesday morning, a move that brokers attributed to a lack of selling pressure amid dwindling pre-holiday turnover rather than positive sentiment. The Hang Seng Index was up 76 points, or 0.77 percent, at 9,901 in early trade. Turnover was HK$576.3 million after the first 20 minutes of trade. ''I don't see any reasons for this rebound. People were expecting it to open lower after the U.S. market fall,'' said Sunny Chan, senior research manager at Seapower Securities. ''Turnover is dwindling which I think is good for the market because there is a lack of selling,'' he said. The Dow industrials fell 126.16 points, or 1.43 percent, to close at 8,695.60 on Monday, rattled by worries that U.S. President Bill Clinton may be impeached. But an overnight rise in HSBC Holdings Plc generated some interest in the stock, boosting the local blue chip index, said Chan. HSBC was up HK$2.50 at HK$190.00 in early trade. ''We have had some bullish statements by American houses,'' said Geoff Galbraith, vice president institutional sales at DBS Securities. Morgan Stanley Dean Witter presented its 1999 outlook on Monday and remains mildly overweight Hong Kong in its Asia/Pacific portfolio. Hong Kong is one of the most interest rate-sensitive markets in the region and for a large part of 1999 would be driven by declining interest rates, Morgan Stanley said. Its dividend discount model puts fair value for the Hang Seng Index at 12,600 points. Peter Lai, a director at OCBC Securities, said the index was finding support as it approached 9,700 points. ''There is not so much selling pressure whereas at lower levels funds are buying stock,'' he said. Shares in Shanghai Industrial Holdings Ltd gained HK$0.20 to HK$16.70, as investors continued to welcome the company's decision to abandon plans to buy a Hong Kong hotel. The planned acquisition for HK$880 million had raised criticism, with the valuation deemed high amid the downturn in Hong Kong's hotel industry. ''It is good news,'' said Galbraith. ''Red chip management have to be more responsible to the minority shareholders,'' he said. The red chip Hang Seng China-Affiliated Corporations Index was up six points, or 0.67 percent, at 937 in morning trade while the H-share index fell 0.30 point to 400