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To: Bill Harmond who wrote (50174)	4/14/1999 3:01:00 AM
From: GST	Read Replies (1) \| Respond to of 164684

William -- <The Internet stocks came of age during this decline.> An age of decline -- or a change in leadership? Amounts to the same thing I suppose. What is your take on the nets in Asia? Is this a new frontier? Are there new opportunities, or only larger markets as an extension of the action in the U.S. ???

To: Bill Harmond who wrote (50174)	4/16/1999 2:31:00 AM
From: GST	Read Replies (1) \| Respond to of 164684

William -- is the net the party spreading to Asia? Friday April 16, 1:53 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) HK stocks end morning at 17-mth high, HK Tel leads HONG KONG, April 16 (Reuters) - Hong Kong stocks ended the Friday morning session sharply higher, setting a 17-month high on positive U.S. and regional market performances and on fund flows into telecommunications stocks, brokers said. The Hang Seng Index (^HSI - news) finished the morning 375.79 points or 3.14 percent higher at 12,338.02, off the session high of 12,378.40. This is the first time the index has traded above 12,000, since the market was toppled on October 22 1997 from its day-high of 12,417.43 by a punishing wave of Asian currency jitters. Turnover rose to a robust HK$6.35 billion, substantially higher than Thursday morning's HK$2.87 billion. ''This is a reaction to the Dow and some short squeezing,'' said Peter Lai, sales director at OCBC Securities. The index has advanced 1,396 points so far in April, moving steadily through near-term resistance barriers at 11,800, at the key level of 12,000 and and 12,200, chartists said. ''The trigger was breaking above 12,000,'' Lai said. Institutional funds were mostly underweight in the Hong Kong market and the move above 12,000 forces them to acquire more stocks to stay in line with the index and their peers, he said. The market would likely be quite volatile in the run-up to the expiration of the April Hang Seng Index futures contract, Lai added. Overnight, the Dow industrials rose 51.06 points or 0.49 percent to 10,462.72, the fourth consecutive record close. In Tokyo, the Nikkei 225 average advanced to a high 16,979.06 before easing to trade 208 points or 1.25 percent higher at 16,935 as at 0405 GMT. All blue chips made strong gains led by the utility sector and Hong Kong Telecommunications . The share ended the morning up HK$1.20 or 7.02 percent at HK$18.30. The stock has joined the ranks of Hong Kong's sought-after technology stocks, brokers said. An investment banking source said on Thursday the company was considering spinning off its Internet business on the Nasdaq in the United States. The stock, which accounts for 8.27 percent of the index, boosted the blue chip benchmark by 69.43 points, according to Securities 3000. Red chip China Telecom climbed HK$0.75 or 5.34 percent to HK$14.80 on heavy trade of HK$454.15 million. The stock boosted the index 42.74 points. The high-tech theme in the market included overseas and Hong Kong companies seeking joint ventures with Chinese companies, a broker with a European house said. ''If Hong Kong can provide the funding and management and China the expertise, I think Hong Kong could be another Silicon Valley,'' he said. Hutchison Whampoa added HK$2.00 to HK$67.00, lifting the index 37.5 points. Banking giant HSBC Holdings climbed HK$4.00 or 1.48 percent to HK$274.00 on good trade of HK$640.41 million. In the technology sector, Varitronix gained HK$1.00 or 8.48 percent to HK$12.80. Great Eagle Holding , which on Thursday reported a slight dip in its 1998 earnings to HK$1.14 billion, soared HK$1.55 or 13.7 percent to HK$12.90. Futures tracked the cash market closely with the April contract adding 370 points to end the session at 12,380, a 42- point premium. The contract hit a session high of 12,425 on good trade of 12,800. The morning also saw a pick-up in activity in the longer dated contracts. ((Kathleen Kearney +Hong Kong Newsroom +852 2843 6933, Fax +852 2845 0636 hongkong newsroom@reuters.com) (Note: this article is ''in progress''; there will likely be an update soon.)