(28 Dec 1999) English/Nat
Hong Kong shares are higher midday Tuesday in the first post-Christmas trading session, largely led by sharp gains in China Telecom.
According to the traders short sellers in the futures market are rushing to cover their positions ahead of the December futures expiry on Wednesday.
Technology and internet-related shares show little sign of easing despite concerns about a correction on the Nasdaq market.
Ambrose Chang, Director and Chief Investment Officer Daiwa SB Investment Hong Kong Ltd says the turnover is largely centered around high-tech stocks.
SOUNDBITE: (English)
"If you look at the turnover there's a very narrow focus in, say, the top three or four so-called high-tech or internet stocks. Other than that, the big blue chips are not running and the turnover has been very slim in these few counters like H-S-B-C (Hong Kong and Shanghai Bank Corporation), Hong Kong Tel or even Hutchison."
SUPER CAPTION: Ambrose Chang, Director and Chief Investment Officer of Daiwa SB Investment Hong Kong Limited (Securities company)
The performance of the Hong Kong stock market has outpaced the Hong Kong economy which is showing signs of recovery.
But Chang warned that could bring problems.
SOUNDBITE: (English)
"It's running a bit too far ahead of the economy, if I have to say you know. This year we will see the recovery of the Hong Kong economy, and Hong Kong corporations, but the corporate earnings are not really spectacular you know, how do you say, double digit, 12 to 18 percent or 20 percent is the most. But next year we will see a recovery, with only very moderate earnings recovery. This rise is typically very focussed on some of the you know major themes - restructuring, internet, technologies and some conglomerate sectors. Other than that most of the stocks cannot reach their historic high."
SUPER CAPTION: Ambrose Chang, Director and Chief Investment Officer of Daiwa SB Investment Hong Kong Limited (Securities company)
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