Finally we broke through the 30,000 resistance level, and resoundingly so by rising 550 points to 30,405. The hope is that the Federal Reserve will cut interest rate by 50 basis points because of the bad news coming out of the US.
The HK dollar moved to the string side of the peg against the US dollar because of the inflows of funds into HK. Most of this is destined for the stock market as a proxy for the RMB since the chinese currency is not convertible. The H shares have assets in RMB and earn RMB.
Market Indices
Australia All Ordinaries 6716.40 + 1.08%
Bombay Sensex* 19243.17 + 2.52%
Hong Kong Hang Seng 30405.22 + 1.84%
Japan Nikkei 16505.63 + 1.36%
Shanghai Composite 5589.63 + 0.49%
Singapore STI 3766.82 + 1.61%
South Korea Composite 2028.06 + 2.60%
Taiwan Weighted 9631.51 + 0.66%
*Intraday trading
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