HONG KONG: STOCK MARKET RECOVERING AFTER CRASH (3)

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Xuất bản 20/08/2015
English/Nat Hong Kong stocks - boosted by Wall Street's dramatic recovery on Tuesday - surged to their largest single-day rise ever Wednesday. The Hang Seng index surged 1,705.41 points - nearly 19 per cent - to close at 10,765.30, making it the biggest gain in both points and percentage terms. The rally reversed Tuesday's plunge of 1,438.31 points, or 13.70 percent - the index's largest point drop. A great sigh of relief could be heard across the market floor when Hong Kong's stock market closed on Wednesday afternoon. For a week now, Hong Kong's stock market has been fluctuating wildly, mostly in a downward direction. But boosted by good news from New York, the territory's stocks shot back up Wednesday. The blue-chip Hang Seng Index shot up 1,705.41 points - or almost 19 per cent - to end at 10,765.30. The gain helped the index to regain all the losses recorded during Tuesday's market sell- off, when the index fell nearly 14 per cent - or 1,438.31 points - to its lowest level in nearly two years. Most analysts rank Hong Kong's fundamentals as being sound, but some warn that the big gains here and in other markets earlier in the year may still warrant more corrections before 1998. SOUNDBITE: (English) "The rally in Wall Street clearly boosted confidence, put to some people at least a foundation stone under the market and obviously provided a platform for recovery during the day. It's a brave person though who says that this rally is heading the market fundamentals in a different direction but I think it's still in a volatile period where a lot can happen." SUPER CAPTION: David Dodwell, Communications Director, Jardine-Fleming Before Wednesday's rebound, the Hang Seng had lost almost a third of its value over a week's time. On Tuesday, the Dow Jones gained about half of its losses back, after a disastrous Monday. In the Philippines, stocks and the peso strengthened as well. On Tuesday, Manila saw a four-year low, but by midday it had gained 73.97 points up to 1,814.15. The Thai market, which also lost big on Tuesday, was mixed Wednesday, reflecting the nation's poor financial outlook. Analysts say the slump that started in Bangkok has just about run its course in the region, although some economies have not yet hit bottom. SOUNDBITE: (English) "Across the region, across the Asian region, there is no market that's spared, so there are no more to suffer, in many respects, so could go a little further, the contagion has gone as far as it can spread basically" SUPER CAPTION: David Dodwell, Communications Director, Jardine-Fleming China appears to have been relatively unaffected by regional losses. The yuan hit a three-year high against the U-S dollar Wednesday. An interest rate cut has been announced as Hong Kong's lending rates go through the roof. There could be a negative side for China, which has indicated a desire to raise money for troubled state-owned enterprises by selling some shares to the public. SOUNDBITE: (English) "China's equity markets, its investing markets are not well integrated with the global market, and so there isn't likely to be any substantial contagion. Insofar as China's reform process is based on raising funds in the international capital market for companies that need to be restructured, reorganised and so on, then obviously the corrections make that process tougher." SUPER CAPTION: David Dodwell, Communications Director, Jardine Fleming China will continue to benefit from its reunion with Hong Kong, but not without some discomfort. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/eb0f576cdce16c5eb16e5170f7fc1631 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Business China Philippines Thailand Bangkok Beijing Hong Kong Southeast Asia AP Archive Greater China East Asia Manila 65073 eb0f576cdce16c5eb16e5170f7fc1631 HONG KONG STOCK MARKET RECOVERING AFTER CRASH 3
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