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ProShares UltraShort FTSE China 25 Message Board

  • spiceykit spiceykit Mar 16, 2008 10:01 PM Flag

    hsi to open down 1000 pts

    HONG KONG, March 17 (Reuters) - Hong Kong stocks are likely to tumble further on Monday, with analysts and brokers saying new problems in the credit market are eroding confidence and could possibly knock the main index to August levels.

    Bear Stearns, hit by a sudden cash crunch, was being acquired by JPMorgan Chase & Co for $2 a share. Under the deal, the Federal Reserve will provide special financing [ID:nN16710089].

    "We'll see a 1,000-point drop," said Francis Lun, general manager at Fulbright Securities.

    At that level, about 21,200 points, Hong Kong equities would revisit the lows last seen in August when global markets reeled from credit woes.

    "The meltdown in U.S. financials is not unexpected, and the turmoil in China will hurt airlines, tourism sectors," Lun said.

    Independence protesters began burning shops and cars in the Tibetan capital Lhasa last week, and Beijing said police were prepared to tackle more unrest after crushing protests in which Tibet's exiled representatives say as many as 80 people were killed. [ID:nPEK267339]

    The benchmark Hang Seng Index <.HSI> ended down 0.3 percent at 22,237.11 on Friday. The China Enterprises Index of Hong Kong-listed mainland companies <.HSCE>, or H shares, finished down 1.7 percent at 11,891.42.

48.93+1.26(+2.64%)12:58 PMEDT

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