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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (2326)	9/16/1998 10:48:00 PM
From: WONG	Read Replies (2) of 2951

Tom, also heard that the speculators are slowly counter attacking the HK government's market intervention act last month. Case 1) HK government bought a total of 8.9% of HongKong Bank shares at an average cost of HK$173.50 per share. Tactic: Over the past 5 days, speculators have pushed the price of HK Bank all the way to HK$145. The government is now losing money already. US Broker firms then tell people that Fair Market Value should be HK$91 @ share! All the fear mongering will force the little shareholders to unload their holdings...more available inventory for the short sellers to borrow from an otherwise tight market....so, so smart. Case 2) HK government bought a lot of HSI Sept. Short Futures. Tactic: Apart from HK Bank and a couple of core HSI Blue Chips, buy up all the second tier HSI component stocks, slowly driving the market upwards. Forcing the government to again, lose money. Welcome to Las Vegas, Joseph Yam & Donald Tsang...what's that Eagles song again? "You can check out anytime you want, but you can never leave..."

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