STOCKWATCH: Johnson Electric sharply higher on technical rebound/NASDAQ

HONG KONG (AFX-ASIA) - Johnson Electric Holdings was sharply higher on a technical rebound after recent losses, with a boost also coming from a stronger NASDAQ, dealers said.	    At 12:08 pm, Johnson Electric was up 0.60 hkd or 5.21 pct at 12.10 on volume of 2.96 mln shares.	    The Hang Seng index was down 24.72 points at 12,597.13.	    Mark Po, an analyst with Kim Eng Securities, said investors believe the rebound may not last for long, with sentiment elsewhere in the region remaining fragile and uncertain.	    "The rebound in the morning was much associated with the overnight gains from NASDAQ, as the stock was somehow perceived as a tech stock with the company having some investments related to the sector," he said.	    He said the fair value of the company is around 11.00 hkd.	    He said he has a "sell" recommendation on the stock, as it appears the current price level remains expensive. 

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