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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (5929)	9/1/1998 6:35:00 AM
From: tom	Respond to of 9980

I haven't seen the official statements but I am just looking at how much stock the HKMA have bought and assuming it is evenly split between the HSI constituents. As they have bought 4% of the stock market they probably own 4% of HSBC, HKT etc (In fact they probably own more as they have specifically targeted these 2 stocks). Today, the HKMA were in the futures market and at the same time they flooded the interbank market with liquidity causing overnight rate to plummet from 15% to 5%. They couldn't fight the tide towards the end of the day and the market lost 3% in the last hour of trading. Thanks to the generous HKMA everyone now has another chance to sell.....