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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Dwight E. Karlsen who wrote (70687)	10/21/1999 12:58:00 AM
From: Ken98	Respond to of 86076

Seems like not even the stock pimps from Wall Street can hustle all of the stock the "invisible hand" of the Hong Kong gov't absorbed to prop up the Hang Seng: <<HK to limit Tracker Fund launch to HK$12 bln-paper HONG KONG, Oct 21 (Reuters) - The Hong Kong government will limit the launch of its Tracker Fund to about HK$12 billion (US$1.54 billion) after a survey found less than 10 percent of local residents were interested in buying the fund, a newspaper said on Thursday. ``EFIL intends to fix the issue size of the fund at HK$12 billion, unless the market condition changes in the next two days,' the Hong Kong Economic Times said, without citing any sources. A spokesman for Exchange Fund Investment Ltd (EFIL), the government's fund management arm, said there was no final decision yet on the fund size and EFIL was still in a process of assessing and evaluating the market's response to the issue. ``The size of the fund will be determinated by the principle of an orderly disposal to minimise the impact on the market as well as market demand and sentiment,' he said. The spokesman declined to disclose any initial findings from the assessment. Analysts earlier this month estimated the government would initially sell US$1 billion to US$2 billion of the Tracker Fund, which is designed to mirror the Hang Seng Index. The initial public offering period for the fund is due to start on Monday. EFIL carried out a survey last Friday to evaluate Hong Kong citizens' interest in investing in the fund but the survey coincided with a sharp fall in the global equities market and the postponement of CNOOC Ltd's initial public offering, the newspaper said. The government has been heavily advertising the fund on local television and in newspapers in the past two weeks. But last Friday, China's CNOOC Ltd offshore oil group postponed its US$2.2 billion to US$2.5 billion IPO last Friday citing adverse market conditions. The Tracker Fund is the government's first move to sell down its massive equity portfolio, currently worth about HK$199 billion, largely accumulated in a market intervention in August 1998.>> biz.yahoo.com