In Hong Kong, millions of dollars are changing hands daily as share prices soar and record business hits the Colony's Stock Exchanges.
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Background: In Hong Kong, millions of dollars are changing hands daily as share prices soar and record business hits the Colony's Stock Exchanges.
Almost overnight the stock market has become exciting as anyone who can bag, borrow or scrape together enough for a flutter invests in local shares.
Some shares have gone up thirty per cent in the past three months.
The experts name several contributing factors. One is an influx of foreign money attracted by quick profits, and the absence of taxes.
It has also become obvious that there is a vast amount of surplus cash inside the Colony. One recent share issue was oversubscribed twenty-five times.
An important factor behind the boom is the strength of the Hong Kong economy. The Hong Kong dollar is one of the strongest currencies in Asia--as shown recently when it cut loose from the pound sterling as it floated on currency markets.
Nevertheless, financial experts are becoming worried. Although share prices are soaring, the actual value of the quoted companies has not kept pace and they do not represent the true value. When this is realised the market will tumble.