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Strategies & Market Trends : HONG KONG
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To: Ron Bower who wrote (2261)9/1/1998 8:26:00 PM
From: Tom  Read Replies (1) of 2951
 
Excerpts from current FEER hardcopy edition...column by Kara Tan Bhala, senior portfolio mgr., ML Dragon and Emerging Tigers Funds.

The scheme takes advantage of two factors: a poor investment sentiment in Asia and the vulnerability of Hong Kong's markets, a result of their small size and low liquidity.

Speculators had brazenly boasted that Hong Kong was their "ATM" for withdrawing fast and easy money.

(I really do hate those guys.)

The HKMA's market actions also highlighted the hypocrisy rampant among speculators, who eagerly extol the virtues of capitalism as long as it profits them. But when an unanticipated development designed to protect market integrity occurs -- costing them money -- they claim that the market has been rigged.

...they ought to understand that market manipulation is likely to lead to a shutdown of their beloved ATM network.

This is not to deny that there are some market imperfections in Hong Kong that need fixing, most notably the existence of the property cartel. The point is, however, that the HKMA should be congratulated for a job well done.

-------------------

Ms. Tan Bhala doesn't break any new ground in her article, but she said the "Hedge funds' recent manipulation of the Hong Kong markets elicited the right response from the HKMA."
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