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To: GST who wrote (44456)	3/8/1999 7:53:00 AM
From: Glenn D. Rudolph	Respond to of 164684

Hong Kong stocks give up some gains in afternoon HONG KONG, March 8 (Reuters) - Hong Kong stocks gave up a significant portion of their gains on Monday afternoon to profit-taking after a morning blue chip rally hit resistance at around 10,500 points, brokers said. The Hang Seng Index was up 96.52 points or 0.94 percent at 10,337.64 after hitting a morning high of 10,500.86 points and ending the morning session at 10,401.87. Turnover was HK$4.36 billion, following morning turnover of HK$3.79 billion. The morning rally was sparked by U.S. stocks hitting record levels last Friday and speculation on local technology and utility shares as Microsoft Corp <MSFT.O> Chairman Bill Gates prepared to announce new ventures in Hong Kong and China on Tuesday and Wednesday. "There was some index driven profit-taking that drove the market down in the afternoon," said Eugene Law, a director at Celestial Asia Securities. "I think it's a kind of profit-taking ahead of the (Microsoft) announcement."