Rush to sell in Hong Kong
NZPA-Reuter Hong Kong Share prices plummetted on the Hong Kong stock
market after a week-end announcement of a 1.5 per cent rise in prime interest rates.
Hong Kong banks have raised their lending rate for loans to most-favoured borrowers, to 14$ per cent from 13 per cent. Panic selling, mainly by small investors, caused the Hang Seng shares index to fall 3.5 per cent on Monday. Most of the selling was in property shares.
Small investors were selling stocks bought with borrowed money, because of the sharp, and unexpected increase in interest rates.
The increase in interest rates strengthened the Hong Kong dollar, which rose 2.5 c against the United States dollar.
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Press, 22 August 1979, Page 18
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118Rush to sell in Hong Kong Press, 22 August 1979, Page 18
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