{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='HONG KONG: HANG SENG INDEX SLUMPS BELOW CRUCIAL 10,000 MARK' data-url='/boclips/videos/5c54c2d3d8eafeecae15c9d9' data-video-url='/boclips/videos/5c54c2d3d8eafeecae15c9d9' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHONG KONG: HANG SENG INDEX SLUMPS BELOW CRUCIAL 10,000 MARK\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatHong Kong's Hang Seng index slumped by more than five percent on Friday - dipping below the psychologically important 10,000 mark.The market drop came despite bullish comments by Hong Kong's Financial secretary Donald Tsang,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eHong Kong's Hang Seng index slumped by more than five percent on Friday - dipping below the psychologically important 10,000 mark.\u003cbr/\u003eThe market drop came despite bullish comments by Hong Kong's Financial secretary Donald Tsang, and an optimistic I-M-F (International Monetary Fund) report.\u003cbr/\u003eA nervous stock market is becoming a fact of life for Hong Kong investors - with five percent drops an almost daily occurrence.\u003cbr/\u003eBut Friday's slump takes the market below what analysts always described as the psychologically important 10,000 point level.\u003cbr/\u003eInvestors had hoped that a glowing report from the I-M-F, indicating sound economic fundamentals, would help rally stocks.\u003cbr/\u003eBut the short term effects of further currency turmoil in the region appear to have had more immediate impact than the evidence of a strong underlying economy.\u003cbr/\u003eSpeculators took aim at the Hong Kong dollar again on Friday - pushing interest rates even higher and causing the initial steep slide.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Well I think the main reason is interest rate worries and the possibility of currency arbitrageurs making another attack on the Hong Kong Dollar. This morning I think the Korean Won was attacked and also the interbank rate was pushed high to keep it slightly higher than yesterday. There was wide rumour that the prime rate would be increased by one percent to defend the currency. That's why the investors just sold out\"\u003cbr/\u003eSUPER CAPTION: Francis Lun, Pacific Challenge Securities\u003cbr/\u003eShort term market interest rates moved up to 14 per cent  early in the day, from 12.5 per cent Thursday.\u003cbr/\u003eThey later eased, but the jump fuelled investor fears of more interest rate rises to come.\u003cbr/\u003eWhile speculators from outside the region were blamed for the recent attacks on the currency, it is nervous local investors who are responsible for the latest turmoil.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Well actually the foreign investors have pulled out already. Most of them have pulled out. There are very few foreign investors left and most of them are in the market to play the index market - the futures market not in the stock market itself. They use blue chip stocks and the index futures to arbitrate against each other.\"      \u003cbr/\u003eSUPER CAPTION: Francis Lun Pacific Challenge Securities\u003cbr/\u003eSome analysts think the index will go as low as 9000, while others are expecting a rapid  rebound.\u003cbr/\u003eThe fact that such diverse views can happily coexist shows just how volatile the market has become in recent weeks.\u003cbr/\u003eExperts like Lun say that stocks now are very cheap - so it's only a matter of time before the smart money comes pouring back in to snap up bargains.\u003cbr/\u003eDonald Tsang, Hong Kong's Financial Secretary, also hopes that the I-M-F report will boost investors' medium term outlook.\u003cbr/\u003eTsang called it a clean bill of health, and urged Hong Kongers to be proud of their government and their territory.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"They continue to believe that we should maintain the system and they have no negative comment at all on the linked exchange rate or the way we have operated it. The team has also looked at Hong Kong's economy as a whole particularly on our fiscal system, the way in which the economy has been growing and behaving. They have confirmed that we have very strong fiscal position. A balanced fiscal situation, a very healthy balance of payments with enormous reserves and very prudent fiscal principles\"     \u003cbr/\u003eSUPER CAPTION: Donald Tsang Hong Kong Financial Secretary\u003cbr/\u003eThe I-M-F said that Hong Kong's banks are in good shape, and that the economy's growth will continue at around 5 percent despite the recent shocks. \u003cbr/\u003eThe report also stated that Southeast Asia's problems should not hurt the territory too much - as the region only accounts for a small percentage of Hong Kong exports.\u003cbr/\u003eTsang used the report to encourage foreign investors to move back into the Hong Kong Market.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"And the I-M-F report confirmed that we have very sound fundamentals, our corporate structure is sound and profits, and I am sure that given time the stock market will then return to its normal level\"     \u003cbr/\u003eSUPER CAPTION: Donald Tsang Hong Kong Financial Secretary\u003cbr/\u003eTsang later reaffirmed the government's commitment to the US dollar currency peg - which should give investors more confidence of future stability.\u003cbr/\u003eHong Kong - 7 November 1997 \u003cbr/\u003e1. Various shots of stock market floor\u003cbr/\u003e2. SOUNDBITE: (English) Francis Lun, Pacific Challenge Securities\u003cbr/\u003e3. Various of Hong Kong city buildings\u003cbr/\u003e4. SOUNDBITE: (English) Francis Lun, Pacific Challenge Securities\u003cbr/\u003e5. Various of stock market floor\u003cbr/\u003e6. Wide of Donald Tsang\u003cbr/\u003e7. Cutaway press\u003cbr/\u003e8. SOUNDBITE: (English) Donald Tsang, Hong Kong Financial Secretary\u003cbr/\u003e9. Cutaway press\u003cbr/\u003e11. SOUNDBITE: (English) Donald Tsang, Hong Kong Financial Secretary\u003cbr/\u003e12. Hong Kong skyline financial district\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1997\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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