HSBC issues Investment Outlook

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Investment / Non-Internet	2000-03-10 01:19:00-05
HSBC issues Investment Outlook
Hong Kong Fund to lower Asian investments, expects 'old economy' models to return as hi-tech stock shares rise later in year

A key Hong Kong investment fund, HSBC Asset Management Ltd., will ease off on its Asian holdings and later in the year, will invest in 'old economy' companies, whose growth has lagged in comparison to the high-tech sector. At a Hong Kong press conference, fund manager Bryce McDonnell, expressed concern over the high valuations in the technology sector. At present, HSBC estimates 37% of world market capitalization is in technology shares, which could prove sticky if the high-tech bubble bursts. HSBC generally invests in technology firms that are not exclusively Internet-based but are involved in networking, hardware and software. The investment firm expects that later in the year, as technology stocks escalate in value, the 'old economy' issues will become more attractive. Along with everyone else, HSBC expects US interest rates to start increasing as much as 100 basis points over the next year, but McDonnell feels that equities will still outperform other investment sectors. In Asia, investment in the more developed countries such as Hong Kong, Taiwan and South Korea is preferred to other Asian countries, which are still contending with various economic, political and transparency issues. HSBC Asset Management Ltd. is the fund management unit of HSBC Holdings.

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