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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Tom who wrote (2825)	4/22/1999 12:56:00 PM
From: Tom	Read Replies (1) \| Respond to of 2951

Market Report A number of Indonesian tycoons were previously very active in the HK stock market. This includes the group under Dr. Ong (China Strategic, China Development, Star TeleCom and TriCom); the Stelux group under Wong's family, First Pacific Group under Lim's family and also CP Pokphand Group under Mr. Tse. Nevertheless during the last few years, these tycoons have concentrated on their business in Indonesian. Most of their holdings were very inactively traded in the HK market, and most of them are now penny shares. They are still holding much controlling stake on these shares however. As Indonesia will have its general election in the coming month, most of these ethnic Chinese tycoons feel insecure, and there is a market rumor that they have already decided to ship their assets overseas. Accordingly, we detected a special movement in many of these shares. ----- Today the HK market rebounded with the US market, and is ready to re-attempt the previous high 13,078 posted on this Monday. At the moment, the market is segmented. While the funds were focusing on the blue chips, the retail investors were shy on the "over-valued" big stocks, and would try to concentrate on the China related stocks. The technology and telecommunication shares were also well received. Tomorrow the Friday regular meeting of HK Bankers will be conducted as usual. Many investors and analysts suggest that probably there may be another 0.25% rate cut, by tomorrow or within this month. If the 13,050 resistance is pierced by tomorrow, the next target will probably be at around 13,600. Nevertheless, investors should be extremely cautious, since the market is now entirely liquidity driven. It can easily plunge for 300-400 points within half an hour, as demonstrated in Monday's market.