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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (2313)	9/10/1998 9:57:00 AM
From: tom	Respond to of 2951

I agree that the similarities between Malaysia and Hong Kong are slight. Its just when politicians start talking about "killing speculators" and "burning their a**es" I start to get a bit nervous. It appears as though all they're thinking about is revenge rather than sensible economic policy. I think the HKMA was in a very difficult position but as a consequence of its stock market intervention and attempts to turn itself into a central bank I think the risk premium on HK$ assets has to rise. This, combined with the fact that I think the economic adjustment has only just begun and asset prices still need to adjust downwards, makes me very bearish on the HK market. I'm not bearish on HK itself. I'm sure it will be back in the not to distant future.