It has been a dismal start to Hong Kong's trading year, with the Hang Seng off 1,000 points from the year-end. As the market looks increasingly sick, even the red-hot M shares (Euromoney January 2005) drawing on Macau's casino boom have started to feel the chill, with most of them sharply down.
A sign that Hong Kong's punters are coming to their senses? Not exactly: not all the sour sentiment towards Macau concept shares is due to New Year blues. A culprit for spoiling the party, say dealers, is the Chinese government, which is puzzling since it was the mainland authorities that helped trigger the craze in the first place.
?There are a lot of mainland companies listed in Hong Kong and management have a pocket full of cash,? says a local fund manager. ?They're going to Macau to spend it. It's boiling over; there's a lot...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe