Time for one last throw of the dice

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.