Word: indexers
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Dates: during 1980-1989
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...crash last October. At a stormy news ! conference held when trading resumed, the contentious Li argued that he had given investors a chance to calm down. But his action had the opposite effect: it created a pent-up pressure to sell. After the exchange reopened, the Hang Seng stock index plunged by 33% in a single...
Critics suspected that the exchange was closed in a desperate effort to minimize members' losses. If that is true, the strategy did not work. Had the government not jumped in with $512 million in emergency loans, 39 of the 250 stock-index futures dealers might have failed. A brokerage that Li controlled took a terrible beating during the crash. As stock values plummeted, Li's personal fortune, estimated at $2 billion, may have dropped to $1.3 billion...
...closest associates, including Sun and Tsang, have been excluded from the exchange's reorganized governing committee. Some Hong Kong traders were concerned about how the market would react to Li's arrest. Investors, however, seemed to applaud the government's crackdown. Last week the Hang Seng index rose 6.5%, to 2452.52, though it still stood nearly 40% below the peak it had reached before the crash...
...because the two mark such different tangents to the norm, their incidence can, in its way, be an index of a society's health. The height of British eccentricity, for example, coincided with the height of British power, if only, perhaps, because Britain in its imperial heyday presented so strong a center from which to depart. Nowadays, with the empire gone and the center vanishing, Britain is more often associated with the maladjusted weirdo -- the orange-haired misfit or the soccer hooligan...
...none of this could adequately explain why the Dow dropped 90 points in just 45 minutes late on Friday. Experts quickly pointed out that the slide was accelerated, as other swings have been during the past two years, by computerized program trading of large blocks of stocks and stock-index futures. The debacle raised anew questions that have been hotly debated since October: Is the new high-tech volatility of stock prices out of control? Are investors vulnerable to a crash at any time if reforms are not undertaken to shore up the market's stability...