Hong Kong shares close lower on FOMC disappoinment; Nikkei helps limit fall

HONG KONG (AFX-ASIA) - Share prices closed lower in line with the falls on Wall Street last night following the lower-than-expected interest rate reduction at the FOMC meeting, dealers said.	    However, the downside was supported by the positive performance in Japan, with a notable recovery in the financial sector in the afternoon, they said.	    The Hang Seng index closed down 69.42 points or 0.52 pct at 13,154.44, off a low of 12,866.40 and a high of 13,243.65, on turnover of 8.43 bln hkd.	    The Hang Seng March contract last traded at 13,050 points.	    The Hang Seng China Enterprises index was up 0.19 points at 388.88, while the CAC index gained 13.24 points to 1,064.99.	    TraHK was down 0.05 hkd at 13.35 on volume of 14.35 mln units.	    The GEM index was up 0.03 points at 267.11 on turnover of 82.90 mln hkd.	    MTR Corp added 0.05 hkd to 12.95 on trade of 4.30 mln shares.	    A trader from OSK Brokerage said the market was lower this morning on  disappointment that the FOMC cut rates by only 50 basis points rather than the 75 some had hoped for.	    "However, the market recouped some of its losses in the afternoon, boosted by the rise in Japan... investors were positive that the government will seriously work on a resolution for the debt problem in Japan," he said.	    The Nikkei 225 index closed up 912.97 points at 13,103.94.	    Dealers said financials made a technical rebound from the morning's losses, and there was also a mild recovery in the property sector in the afternoon.	    The financial sub-index was up 84.12 points at 19,655.08, off a low of 19,178.82, while the property sub-index was down 489.22 points at 17,436.69, from a low of 17,177.34.	    HSBC was up 0.50 at 93.25, Bank of East Asia gained 0.10 to 18.20, Hang Seng Bank was down 0.50 at 89.25.	    Cheung Kong was down 0.75 at 86.25, Henderson Land shed 1.60 to 40.70 and Sun Hung Kai Properties was down 3.25 at 74.75.	    Hysan Development dropped 0.75 to 11.50, and Sino Land lost 0.25 to 3.55.	    In the telecom sector, Pacific Century CyberWorks fell 0.05 to 3.75 ahead of its results next week.	    Hutchison Whampoa shed 0.50 to 83.00 and SmarTone lost 0.15 to 10.20.	    China Mobile gained 0.10 to 36.90, while China Unicom rose 0.20 to 9.80.	    First Pacific fell 0.025 to 2.00 and CITIC Pacific lost 0.35 to 22.70. 	    Among China-related stocks, Angang New Steel was suspended in the afternoon trade, but it rose 0.03 to 0.85 this morning, after its 2000 results.	    Harbin Power gained 0.025 to 0.45 on rotational buying.	    China Resources fell 0.05 to 10.60 and Shanghai Industrial was up 0.10 at 12.80.	    On the GEM board, tom.com was down 0.05 at 2.00 and Sunevision was unchanged at 2.325. 

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