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

To: Worswick who wrote (6043)	8/31/1998 11:20:00 AM
From: Ron Bower	Read Replies (1) \| Respond to of 9980

Worswick, Apologies. I read a quote (scmp) from an idiot that said the HKMA had invested as much as 20% of reserves in the market. This would have been over $19M. Obviously he didn't know what he was talking about. Sorry about a misleading the response. Volume today was HK$6.57B compared to HK$79B last Friday indicating a shortage of buyers and sellers at this level. I expect the HKMA to stay out of the market no matter what the level goes to and the volume to stay low. The interesting period will come later in the month when the shorts try to cover. If the HKMA holds shares, they may have a problem finding sellers at a level low enough for them to profit. Is it my imagination (or desire) that the most recent articles on HK/China seem to be less pessimistic than they have been? I just read one that says exporters are doing fine in spite of the regional currency devaluations and the only real problem HK has is a lack of consumer confidence due to the instability. Em barr assed, Ron