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Strategies & Market Trends : Closed End Global and Country Funds

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To: capitalistbeatnik who wrote (43)	5/27/1997 12:27:00 PM
From: kolo55	of 289

Found out why CRF dropped. Koruna under pressure. There is an article in today's WSJ (page A14) on the Czech Republic situation. Apparently there were some stock market scandals that caused a market decline last week, this in turn kicked off a decline in the currency (koruna), and led to central bank intervention. The prime minister, Klaus, is firing some of his cabinet members, and there is political pressure to remove more. Vaclav Havel has suggested the entire cabinet step down. The net asset value dropped to 14.87 (in dollar terms). I had projected 15.30 prior to the koruna drop. But this looks like a classic "blood in the streets" buying opportunity. S&P reviewed and maintained their bond rating on Czech bonds, citing the strong central bank balance sheet. Here is link: S&P keeps current rating on Czech bonds: biz.yahoo.com The stock is up a 1/4 to 12 3/8 this morning. Incidentally, the fund does hold some stock in other Central European countires, with top 10 holdings in Poland and Hungary. Paul

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