Several pieces of good news lifted the Hong Kong stock exchange on Tuesday, but reality reasserted itself on Wednesday, when uniformly bad news from the US sent the Hang Seng Index down 2.4% to close at 9,474, its lowest level since 26th September last year. Year-to-date, the Index has lost 17%, worse than the Dow, but better than the Nasdaq.
''Right now I can't see any dramatic changes in economic fundamentals, or any stimulating factor. This explains why a lot of people aren't entering the market even when it's down at these levels,'' Lawrence Wu, fund manager at OSK Asset Management, told the South China Morning Post.
The market was affected by President Bush's summary rejection of Iraq's offer to re-admit inspectors, as well as a profits warning from MacDonalds and poor US economic data.
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