Thin grey line: Hongkong regulators reprimand Peregrine

Article Abstract:

Regulators from Hongkong's Securities and Futures Commission have reprimanded Peregrine Brokerage for what the regulators feel was an effort to mislead the public about a stock's value through floating and transparency. Peregrine claims that the reprimand is a result of Hongkong's over-cautious approach in attempting to transform their exchange from a local to international enterprise. Insiders agree that Peregrine has clout on the exchange, and without their ability to sustain the value of a given sock the market would not be as successful as it is.

Reports, Discipline, Hong Kong. Securities and Futures Commission, Peregrine Brokerage

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No contrarians here

Article Abstract:

Hong Kong's stock market plummeted 7.3% on Mar 11, 1996 due to influence from the US where an expected interest-rate cut suddenly seemed less likely, compounded by complex trading strategies and market structure. Asia is still learning to use the complicated derivatives the US has mastered in the past decade. When the US market fell on Friday Mar 8, Asia seemed set to move down, so traders shorted Asia by selling futures in Hong Kong. Investors there are trend players, not contrarians, exacerbating the plunge.

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Cheers

Article Abstract:

Hong Kong stocks performed better in 1996 than had been anticipated at the beginning of the year. There was particularly strong performance in the property sector, although there are now signs that this sector has peaked. It seems that those investors who show a firm commitment to Hong Kong will be rewarded, although there will naturally be variations between the performance of different stocks.

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