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HK shares hit new height
HONG KONG. Muy 26 The Hong Kong share market reached new heights Tuesday following last week's cut tn prime le nding rules, boosting fears of higher Inflation and increased property speculation. reports AIT’.
Everybody and ihelr staler" was taking their money out of banks — which cut deposit rales to two per cent, the lowest level in (our years — and buying shares, said Garrett Haynes, head of sales at Crosby Securities.
The Hang Seng Index burst through the 6,000-point barrier briefly in the morning session, closing the day's trading at a new record high of 5.993.11 for a gain of 133.43 points, or 2.3 per cent.
The cut in prime lending rates, the second in three weeks, by one percentage point to seven per cent favoured bank and property stocks the most, brokers said.
Joseph Yam Chi-Kwong, Director of the Office of the Exchange Fund, defended the government's willingness to allow rates to fall as necessary to maintain the stability of the US-Hong Kong dollar exchange rate, which has been pegged at about 7.8 since 1983.
The government doesn't have thal much room lo manoeuvre," said Nerissa Lee of Indosuez Asia Investment Services. adding that she was surprised however by the magnitude of the cut — a full percentage instead of the 0.5 per cent expected.
"We are still in a high inflation environment." she noted, warning that the rate cut could spur "a rapid series of rises in the second half of 1992.
Tls fuelling property prices as well." Lee said.
The cut was aimed at stemming the flow of some 200 million US dollar a day Into the territory. Nevertbe k-ss, foreign funds flooded into the stock market on Monday.
Hong Kong's bourse is "the cheapest and most overbought market In the world." Haynes said.
The interest rate cut will Inevitably fuel Inflation, said Bob Broadfoot of the Political and Economic Risk Consultancy. warning of 'social prob Jems' because the Tow end of society Is squeezed" the most.
Inflation had been coming down from a peak of 13.9 per cent for the year to last April, and new monthly inflation figures were to be released.
"Strictly psychological factors could undermine the fundamentals" as they did following Beijing's 1989 crackdown on the Chinese pro-democracy movement. Broadfoot said.
He also recalled the jitters in 1983, ahead of the Sino-British handover agreement, that led to the Hong Kong-US dollar peg In the first place.
On the other hand. Broadfoot said inflation and the currency rate have little effect on Hong Kong’s export businesses, whose production base and primary costs are tn China.
He said adherence to the peg was unrealistic since the American economy is pulling out of a recession while Hong Kong is the motor of the Pearl river delta, growing at a rate of 10 per cent as a region.
The industries that will be most affected are tourism, restaurants and retailers, he noted.