October Will Be Good For Hong Kong Stocks
HONG KONG, Sep 29, 2000 -- (Reuters) If you've been bloodied by the recent fall in Hong Kong stock prices and are hoping for some respite, well, despair no more!
Credit Lyonnais Securities (Asia) Ltd. (CLSA), which occasionally puts out its sorcerers' predictions on Hong Kong's stock market, said on Thursday that October would be a good month for bargain hunters.
"October will be a good month for bargain hunters as the Hang Seng slinks off with it's tail between its legs," said CLSA's head of Hong Kong research Dio Wong, who calls himself the "Wicked Sorcerer of the East".
And it gets better after that, Wong promises.
"The future looks brighter as we come to the end of a cycle of bad fortune and move out of trouble in the months of the pig, rat and bull as the emergence of water in the air introduces growth, signaling the beginning of good fortune for the investment market."
"As the positive trend continues, the wicked sorcerer is predicting a hike in the HSI during the Year of the Snake (2001) to 21,000."
In January, Wong predicted that the Hang Seng Index would undergo a large correction at the end of May and in September and October.
Partially fulfilling Wong's prediction, the HSI started a rally in late May and plunged in September.
(C)2000 Copyright Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the prior written consent of Reuters Limited.
HONG KONG, Sep 29, 2000 -- (Reuters) If you've been bloodied by the recent fall in Hong Kong stock prices and are hoping for some respite, well, despair no more!
Credit Lyonnais Securities (Asia) Ltd. (CLSA), which occasionally puts out its sorcerers' predictions on Hong Kong's stock market, said on Thursday that October would be a good month for bargain hunters.
"October will be a good month for bargain hunters as the Hang Seng slinks off with it's tail between its legs," said CLSA's head of Hong Kong research Dio Wong, who calls himself the "Wicked Sorcerer of the East".
And it gets better after that, Wong promises.
"The future looks brighter as we come to the end of a cycle of bad fortune and move out of trouble in the months of the pig, rat and bull as the emergence of water in the air introduces growth, signaling the beginning of good fortune for the investment market."
"As the positive trend continues, the wicked sorcerer is predicting a hike in the HSI during the Year of the Snake (2001) to 21,000."
In January, Wong predicted that the Hang Seng Index would undergo a large correction at the end of May and in September and October.
Partially fulfilling Wong's prediction, the HSI started a rally in late May and plunged in September.
(C)2000 Copyright Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the prior written consent of Reuters Limited.
