Even though that's half of the 1989-1990 peaks, it is the highest in Asia. We believe 1997 will be a great year with synchronized growth in North America, Europe and Asia. Against this background we are looking at heavy industries and cyclical sectors around the world. As interest rates fall, interest-sensitive stocks like asset plays, property exposure companies, banks and others are looking attractive. It supplies to China and demand for steel there is still strong.
International prices are firmer.
A lot of upstream producers of chemicals, petrochemicals and plastics will gain from increasing demand in China. That ratio will continue to increase. I also like Cathay Life, the largest insurance company in Taiwan. It is an asset play, one of the stocks foreign investors are likely to chase after it is included in MSCI index. With interest rates coming down, some of the banks look quite attractive.