But this is what happened later:
HK: Shrs Down Midday On Futures Sell-Off, Rate Concerns
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November 10, 1997 04:56:04 GMT
HTS - HTS
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HONG KONG (Dow Jones)--Hong Kong stocks have fallen
below the key support level of 10,000 points midday Monday,
dragged down by a sell-off in the futures market and by
lingering worries over high money market rates, said market
participants.
At the 0430 GMT (11:30 p.m. EST) close of the morning
trading, the blue-chip Hang Seng Index has lost 145.70
points, or 1.4%, to 9958.80. The measure moved in a range of
9887.97 and 10,181.38 points.
Meanwhile, the broader All Ordinaries Index is down
97.20 points to 5195.53.
Volume is valued at a thin HK$6.40 billion.
A trader with Sassoon Securities Ltd. said a sharp fall
in the futures market is helping to pull the underlying
market lower.
The November Hang Seng Index futures has given up a more
than 200-point gain in mid-morning and is down 90 points at
midday from the previous close, trading at a discount of 158
points to the cash market.
The trader with Sassoon Securities Ltd. noted that
soaring money market rates also added to investors' worries.
At 0430 GMT, the benchmark three-month Hong Kong Dollar
Interbank Offered Rate is at 16%, up from about 13% late
Friday. The rise rekindled fears of higher local interest
rates and future speculative attacks on the local currency,
she added.
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11-09-97 2355EST
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