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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (2398)	10/8/1998 11:46:00 AM
From: Tom	Read Replies (1) of 2951

Today's Hong Kong Market Report During yesterday's speech, Mr. CH Tung apparently has tried to avoid issuing new policies on the properties. Some analysts claimed that Tung's annual 85,000 residential-unit target was effectively 'non-existent', even though Mr. Tung has not mentioned it again. The investors thus all treated this as positive support for the oversold properties sector. The properties thus all soared. Probably because of the sudden soaring in the market, some players have deliberately used HSBC and HK TeleCom to drag the market growth, with HSBC closed at $136.5 (-1.5) and HK TeleCom closed at $14.60 (-0.15). Today the Hong Kong interbank rates also lowered in response to the weak US$, and most investors anticipate a rate cut in local interest rates after tomorrow's regular bankers' meeting.

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