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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (8152)	9/4/2001 1:52:58 PM
From: mnreddy	Respond to of 74559

Investor's Business Daily: I am working on a research project, I am looking for back issues of Investor's Business Daily(IBD), preferably between 1994 and 1999. If you saved them for any reason, I am willing to pay the full price, please email me with your contact information. karan1919@hotmail.com Thanks a bunch

To: elmatador who wrote (8152)	9/4/2001 8:06:03 PM
From: TobagoJack	Respond to of 74559

Hi Elmat, everybody will have to work more diligently, including the casino workers ... scmp.com ... a funny side note, the shopkeepers on our main tourist street (Nathan Road) are being educated by the government to refrain from ripping off our country cousins visiting from the north, so as to not ruin the HK reputation in our collective hour of need. We will just shift our 'taking' to the bourse, where the score-keeping for 'taking' is automated:0) To the post, if you polite and gentle folks think HK is a wired wierd bizaar oddball frenzied place where nothing is not for bid/ask, you would be right. Chugs, Jay QUOTE Wednesday, September 5, 2001 Stock exchange plans 11-hour day Lunch break to go and evening trading proposed in attempt to match trends abroad ENOCH YIU The stock exchange has proposed opening in the evening and scrapping lunch breaks - adding seven hours to the trading day. At present, the market is only open from 10am to 12.30pm and from 2.30pm to 4pm, making it inconvenient for Hong Kong's three million full-time employees to find time to trade. Critics say Hong Kong's opening hours - the shortest in the world - have damaged its reputation as an international financial centre. Overseas markets such as London and Frankfurt are open more than eight hours a day, double Hong Kong's trading hours. Hong Kong Exchanges and Clearing (HKEx) - the holding company of the local stock exchange - yesterday published a consultation paper suggesting an extension from four to 11 hours a day. It wants to allow investors to trade stocks from 10am to 6pm with no lunch break and from 8pm to 11pm. The futures market should run at the same times. "HKEx believes there is a clear need to re-examine its trading hours in order to maintain its competitiveness and strengthen Hong Kong's position as a leading international financial centre," said Kwong Ki-chi, chief executive of HKEx. "Extended trading hours would help us better meet the needs of the investing community. In particular, trading by investors who cannot do so during normal office hours will be accommodated." The exchange wants to encourage more new investors as the current market turnover is so low. Average daily stock market turnover in the first seven months of the year was $8.97 billion, 37 per cent down on the same period last year. The lacklustre investment sentiment is due to fears over the US economic slowdown. The SAR Government last Friday downgraded economic growth this year to one per cent from an original forecast of three. Mr Kwong said the new hours would be needed for the SAR to compete with overseas markets because many Hong Kong blue chips were listed in London and New York. Many international investors are trading these stocks in the US and Britain when Hong Kong is closed. HKEx believed the proposed new trading time - which would allow some overlap with London and New York - would recapture this international trading. Mr Kwong said other markets had moved to longer hours in recent years, and that Hong Kong should be no exception. "Several key exchanges in Asia and Europe have extended their trading hours in the past 18 months and more are expected to follow," Mr Kwong said. The London Stock Exchange extended its trading session by half an hour to run from 8am to 4.30pm in the autumn of 1999. In the US, the top derivatives exchanges now offer almost 24-hour trading, while the New York Stock Exchange and Nasdaq hi-tech exchange are expected to extend from 6.5 hours to about 20 hours. Both Shanghai and Shenzhen recently announced that evening trading sessions would be introduced. If the consultation, which is to end on October 8, has a positive reaction, HKEx will implement the new hours once it gets approval from the Securities and Futures Commission. If the market prefers, the exchange may implement the proposal in phases, cancelling the lunch break first and then introducing later afternoon and evening trading. Local broker Syed Bokhary said longer hours were inevitable to catch up with international practice. "However, I don't think it is the right time as the market sentiment is so gloomy," he said. "Presently, investors have little interest in trading stocks. It wouldn't bring more turnover even if the exchange was trading 24 hours a day." Mr Bokhary said it would be more difficult for small brokers to compete with large banks and international brokers as the latter had far more staff and resources to cope with longer trading hours. Gilbert Cheung Yik-cho, director of Hung Sing Securities, said it was wrong for HKEx to propose cancelling the two-hour lunch break. "Everyone should have the right to lunch. The exchange may shorten the lunch break, but they should not abolish it." UNQUOTE