Word: seng
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After a brief rest, Hong Kong investors are back to worrying about interest rates, reports Money Daily. Following a relatively upbeat 99-point loss yesterday, the blue-chip Hang Seng index Thursday tumbled 269.19 points, or 2.5 percent, to close...
...billion in foreign reserves to fight off speculators and keep its highly valued currency pegged to the U.S. dollar at a rich 7.8-to-1 ratio. The gambit succeeded--but at a price: $42 billion of Hong Kong's storied wealth disappeared in short order as the Hang Seng index dropped 6% on Wednesday, then 10.4% on Thursday. The "red chips" of the Hang Seng, the stocks of mainland Chinese companies, were bled white. "This is a full-fledged, absolute crash," said Kent Rossiter, an investment adviser for Nikko Securities in Hong Kong...
...global economy, once an abstraction to most people, had shown up front and center to deliver the bad news. Investors, fearing that the earnings of large U.S. companies exposed to Asia would suffer, began to sell. On Thursday the market dropped 186.88 points. On Friday, while the Hang Seng recovered, the Dow fell an additional 132.36 points, unable to take comfort in the good news. In New York City, out-of-favor issues ranged from big airlines with Pacific routes, like American and United, to consumer-product companies like Coca-Cola. Semiconductor stocks took a beating, along with high-tech...
...down. It's the Hang Seng. The "Footsie." The Dow. It's the tail wagging the dog, the Correction of '97. A record slide! A record rise! A blip. It's not a matter of being confused ? it's about recognizing confusion when you see it. And right now, the markets (and their attendant swarms of pundits) are lousy with it. But like a smooth rock in a wind-tossed bay; like the "Money Honey" on the crowded exchange floor; the right movie can provide sanctuary ? and understanding. Go back home. Go back to Trading Places. All the answers...
...news was good enough to help break the follow-the-leader pattern of the world's stock markets today. Despite the Dow Industrial's 125-point slide on Wednesday, Hong Kong's Hang Seng index climbed a solid 260.92 points, to 10,623.78, today, or about 2.52%. In Japan, the Nikkei 225 was up 94 points, to 16,458.94. Australia and New Zealand also were up. In Indonesia, the Jakarta Composite was down slightly as traders waited for details on the restrictions imposed by the aid package, including what the New York Times called "wide-ranging austerity measures...