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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (13534)1/29/1998 12:56:00 PM
From: IQBAL LATIF  Read Replies (1) of 18056
 
Dear Zeev-
India you are right has nothing to do with ASEAN crisis, BUT THAT IS ONLY HALF THE STORY- India's new low has to do with forth coming elections in India - fragmentation of political structure with rightest and extremists parties denying Congress the founding party of India the role of 'mother party'- India lows today should be seen in that light- in my opinion Korea settlement today and AG comments will lead HSI higher we may not be out of the woods but certainly in a new phase of damage control- by the way India private sector foreign debt is a fraction of Indonesia or even Malayasia they have a controlled exchange system- Indians like we pakistanis were never a subject of huge chunks of hot money they had sensible inputs and hence are also not target of senseless selling- India corporate sector like Reliance group Anil Ambani a Wharton Graduate is not crippled like Indonesians huge corporate sector debt they have out of 123 billion $ 's in total debt where 'corporate Indonesia' owns and unable to service 48 billion of it
India is not stradlled with any of these problems neither their ruppee has fallen from 2500 to 14000 - it is stable- so India selling today is not a prototype for what is going to happpen in ASEA on Monday-
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