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Non-Tech : Any info about Iomega (IOM)? -- Ignore unavailable to you. Want to Upgrade?

To: Brendan2012 who wrote (33728)	10/28/1997 6:05:00 AM
From: D.J.Smyth	Read Replies (1) \| Respond to of 58324

Hong Kong did not close on its low for the day, bounced back 3% piror to close: Statement by Hong Kong leadership: Note that China had raised interest rates in Hong Kong to fend off currency traders, so their statement that the currency speculators have left is a signal that interest rates will drop which will in turn sooth the markets there. Also note that you can make money in these markets - buying Hong Kong at the bottom and holding to the end would have netted a near 3% return in one day. The currency traders are no doubt see a bigger fish to catch now. Asian leaders urge calm over ravaged stock markets SINGAPORE (Reuters) -- Asian leaders called for calm on Tuesday as the region's financial markets plunged in the wake of Wall Street's overnight rout, saying their economies were strong and would weather the crisis. Their comments echoed sentiments expressed in Washington, where officials sought to reassure investors about the strength of the U.S. economy following Wall Street's biggest point loss ever. "There is no need to panic," Philippines Finance Secretary Roberto de Ocampo, who was in Tokyo, said in a statement released in Manila. Asian markets fell throughout the morning after the Dow Jones industrial average lost 554.26 points, or 7.2 percent, to end at 7,161.15 overnight in New York. In Hong Kong, where the Hang Seng index fell a massive 16.41 percent to 9,775 at midday, Chief Executive Tung Chee-hwa held his first crisis cabinet meeting since the former British colony reverted to Chinese rule in July. He later told reporters his government remained optimistic about the Hong Kong stock market and that currency speculators who triggered recent record market falls had retreated. "Overseas markets led to the volatility of the Hong Kong market and it is a temporary, unavoidable factor," he told reporters. "In fact on the currency side, the speculators who came to speculate against our currency have basically left us, so from now the currency can be stabilized." "So I and the financial secretary remain optimistic about the prospect of the Hong Kong stock market, since fundamentals are good, that is very important," he said. Financial Secretary Donald Tsang said the Hong Kong market had bottomed out and shares were a bargain. In Tokyo, Finance Minister Hiroshi Mitsuzuka told a news conference there was no doubt Japan's economic fundamentals were sound. Japanese Trade Minister Mitsuo Horiuchi told reporters that his ministry would closely watch Tokyo stock market movements over the next day or two before considering any government action on stocks. Tokyo stocks had fallen 729.47 points, or 4.28 percent, by early afternoon. Koichi Kato, secretary-general of Japan's ruling Liberal Democratic Party, said: "We need to calmly analyze how it (Wall Street's fall) will affect Japanese stocks and fundamentals. There is no need to be rattled and we must not be flustered." In Taipei, Finance Minister Paul Chiu said Taiwan's economy was fundamentally sound and the state would support the markets, although only when necessary. "I earnestly urge our investors not to worry, because (Taiwan's) economic fundamentals are still quite good," Chiu told parliament. "The finance ministry is carefully monitoring the markets, and of course will launch necessary supporting measures in necessary times," Chiu said without elaborating. Taiwan's stock market was down 5.78 percent at mid-session trade on Tuesday. The Taiwan dollar also was feeling the jitters, falling to T$30.720 against Monday's T$30.510 finish. Chiu said his ministry had met with Taiwan's central bank to discuss strategies to counter the stock and Taiwan dollar downturns, but he declined to say what measures the agencies might launch. Taiwan's central bank has said it had formed a special task force to monitor the financial crisis in Hong Kong and its wider global repercussions. In Canberra, Acting Prime Minister Tim Fischer said the market crisis was serious but Australia would "weather the storm." "The truth of the matter is that it is a very serious situation," Fischer told parliament. "We have in fact taken a number of budgetary steps which will ensure that Australia will weather the storm a whole lot better than would have been the case had (the) Labor (Party) continued in power and created further debt and budget deficits," he said. The Australian share market closed down 7.2 percent at 2,299.20 points on Tuesday. The Philippines' de Ocampo said the plunge in Asian markets was a temporary setback, not a long-term problem. "The current situation being faced by Hong Kong further reinforces our view that strong economic fundamentals are an important element in weathering this passing storm in the region," de Ocampo said. "Let this be a test of the resiliency of the economy -- one I am sure we shall pass, having resilient people and institutions who have weathered earlier storms, and let it be a prod for us to strengthen our economic houses even more," he said. ------------------------------------------------------------------------ ÿ