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Strategies & Market Trends : HONG KONG

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To: WONG who wrote (2301)	9/9/1998 11:45:00 AM
From: Tom	Read Replies (1) of 2951

WONG: I missed that. Was that the extent of his commentary? Market still overpriced, especially when considering the ambient economy. ------- 09-09 It has been observed that as the market opened this morning, the institutional buyers (from funds and HK Government) suddenly all disappeared. The Sept. futures opened trade at 8,150 (+40), but was then quickly stamped to 8,040 (-70) after a few transactions. Throughout the day, only 647 mil. HK$ of transaction in HSBC was noted. This indicates that the market slide is NOT because of the HEAVY sellers, but rather because of the ABSENCE of strong buyers. Should the institutional investors wish to unload, they would definitely have pushed up the market at open, and gradually sold-out the stocks so as to maintain a good selling price.

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