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Strategies & Market Trends : WEBS for international investing

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To: peter michaelson who wrote (35)	9/3/1998 11:51:00 AM
From: Bob Rudd	Read Replies (1) of 47

Peter: By now you've probably read the release about trading resumption. This appears to make EWM the close equivalent of MF except that EWM is trading at what is probably about a 7% discount to NAV where MF is trading at what appears to be about a 25% premium to NAV This with EWM @ 2 1/16 & MF @ 3.25 based on comparing to KLSE which is not perfect but an indication. One would tend th think that capital controls would flatten Malaysia's economy, but articles about Korea's experience, Thailand's "business as usual" comments and the KLSE markets response, a 20% gain, indicates possibly a contrary stance may be in order. If this move buys them some breathing room, and if trade doesn't dry up, the fundamentals of this market (GDP per capital, PPP, etc) may reassert. If things start to worsen, perhaps some compromise might be in order that would loosen convertibility but still somewhat shield from currency speculation. Your thoughts? Regards, Bob

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