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Strategies & Market Trends : Asia Forum
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To: Jack Clarke who wrote (6022)8/30/1998 9:14:00 PM
From: Bosco  Read Replies (1) of 9980
 
G'day all - dear Jack, I agree with you totally that "market manipulation never works for very long." However, this statement goes both ways, i.e., artificial support [by HKMA intervention] and hedge fund induced bear market. To me, both are short term manipulation of the market. So the key is to assess if HK's stock market is overvalued. While HK has officially entered the recession zone [contracting by 5.5%] and property values have declined by 50%, the stock value has gone back to the 1994 level. In fact, before the intervention has begun, the HSI was hitting the 8 year low.

best, Bosco
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