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Strategies & Market Trends : Asia Forum

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To: Brad Bolen who wrote (5897)	8/27/1998 7:05:00 AM
From: tom	Read Replies (2) of 9980

HKMA now owns 2% of HSBC (one of the top 5 shareholders). It was a massive buyer of HK today buying US$2.3bn in the cash market. They were aggressively holding up HK Telecom and HSBC with US$500m trading in HK Telecom. Fund managers and hedge funds all over the world are dumping stock on to the most willing, and stupid, buyer in the market. The risk reward profile in shorting HK is extremely favourable. There are very few times when such opportunities present themselves. Sell HK aggressively. On Monday the situation should be resolved as the HSI Sep Future is trading at a huge discount to cash. Either the market falls or the futures rise. HSI 7923 (trading at 7807 in London) HSI (Aug Fut) 7922 (expires tomorrow) HSI (Sep Fut) 7610 Up until 14/8/98 I thought HK would keep the peg. Now I'm pretty sure they won't.

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