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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Marty Rubin who wrote (13290)8/30/1998 7:43:00 PM
From: Rajiv  Read Replies (5) of 18691
 
The time might have come to short Hong Kong. The Hong Kong government had intervened in their stock markets over the last 10 trading days. Their motive was to squeeze out the speculators. They succeeded in making them lose money on the August Hang-seng futures. However, it was a very costly move. They spent an estimated 15 billion US $ and have bought around 2-10% of the Hang-Seng components. Over the last 10 days, they were the sole buyer in Hong Kong. Everyone was selling to the HKMA with the volume reaching record levels on Friday. With the August futures having expired, they are widely expected to reduce their buying.

Among the Hong Kong ADRs on the NYSE is Hong Kong Telecom (HKT). The Hang Seng index is 15% above its 52 week low at a time when almost every Asian market is at a multi-year low.

Regards.
Rajiv
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