Word: kong
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Dates: during 2000-2009
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...Hong Kong's battered Hang Seng index bounced particularly strongly in afternoon trading, ending the day with a 10.2% gain. Stocks in Korea and Singapore also ended sharply higher, gaining 3.8% and 6.6% respectively. India's Sensex added 7.7%, while China's CSI 300 index, which measures both the Shanghai and Shenzhen exchanges, was up 4.12%. Japan's stock market, which last week suffered the worst rout in its history, was closed Monday for a holiday. "I think markets took a breath and will rebound in the next few days," says Sean Tsang, senior vice president of Polaris Securities...
...gains are tentative. Light trading volume in Hong Kong suggests that investors are holding back ahead of Wall Street's reaction to bailout plans. During an Oct. 10 meeting of G-7 finance ministers, European central bankers suggested they would follow Britain's lead by buying stakes in struggling banks and underwriting interbank loans. The U.S. Federal Reserve is also finalizing a plan to recapitalize the nation's bank in order to loosen frozen credit markets...
...Despite interest-rate cuts last week in the U.S., Europe and Asia, businesses throughout the world are finding it nearly impossible to borrow and money-market rates remain abnormally high. In Hong Kong, for example, the one-month interbank offered rate, the benchmark for short-term bank lending, rose to 5% last week even as the city cut its policy rate from 3.5% to 2.5%. Banks remain leery of lending in the face of further financial-industry failures...
...With reporting by Don Duncan / Hong Kong, Yuki Oda and Michiko Toyama / Tokyo, Natalie Tso / Taipei and Jennifer Veale / Seoul...
Chilling out is no mean feat for traders and investors these days, though; they appear to see panic selling as the better option. On Friday, Hong Kong's Hang Seng fell 7.19%, while trading in Australia shot down 8.2%. Japan's Nikkei index dropped 9.62%, bringing its total loss for the week to 24%. Even before Asia's miserable day was over, European markets gave new force to the glumfest, opening with plunges near or in double digits. By day's end, those declines had been scaled back to 8.85% on London's FTSE 100, 7.7% on Paris...