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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (3066)	10/18/1998 9:06:00 PM
From: Nandu	Read Replies (2) of 12475

Mohan, The news about the NAV shortfall in US64 came out on Firday, Oct 2. On Monday, Oct 5, BSE had a huge drop as we discussed on this thread. It seems that in addition to the panic caused by the UTI news, there was very heavy selling by Morgan Stanley Dean Witter. In fact Morgan's India head was summoned by the finance ministry to explain this activity() and he explained that the selling was done to move some capital urgently to Thailand to meet heavy redemptions. () P.S. I think it was correct on the part of the finance ministry to investigate this activity. In many of the far eastern countries the attack against the currency by "speculators" started of with heavy selling of the stock market.

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