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

To: RealMuLan who wrote (2346)	9/24/1998 10:31:00 AM
From: Ron Bower	Read Replies (1) \| Respond to of 2951

Zhang, I meant to comment on that earlier. It was my understanding that the HKMA 'sold' September futures to increase risk for the Funds that were rolling over August futures. Because of the HKMA intervention, the HSI is obviously an artificial market. It may be that short covering is what's causing the HK prices to rise as we're closing in on the closing date, but this doesn't explain why ALL Asian markets have been showing strength. Other - I also don't understand the low price projections being put out on HSBC as their non-performing loan projections are very low (around 2-3% if I remember right). I see it as further attempts by speculators to drive the price down. If does fall, I may break my own rule and own some banking stock. FWIW, Ron