No sign of an end to Asian meltdown as Hong Kong rally is wiped out
Article Abstract:
Asian financial markets have been affected by a financial crash which began in Thailand. Asian countries with large external debts used high interest rates to attract foreign funds to pay interest on the debts, and high rates affect economic growth. Hong Kong had no major debt problem and had enough liquidity to be used by fund managers seeking to pay investors leaving Asia. Hong Kong interest rates are being raised to defend the currency and this could affect banks and real estate firms, in turn pushing down stock prices.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
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New York and London pull back from the abyss but Hong Kong's plunge continues
Article Abstract:
Stock prices dropped worldwide on Oct 28 1997 but then rose again in the US by more than they had fallen previously in the day. The US rise helped the United Kingdom market recover, though the result was a net drop in UK stock prices. New Zealand saw a drop of over 12% for the day, and Hong Kong prices dropped by nearly 14%. This has meant a 30% fall in Hong Kong stock prices in Oct 1997. There is concern that Hong Kong real estate prices could fall, and analysts are forecasting a 30% drop in real estate values.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
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