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Hong Kong share prices will struggle as investors grasp for any signs of market confidence, but a giant rescue package in the United States could improve sentiment, dealers said. For the week ending September 19, the Hang Seng Index dropped 3.3 percent to 18,682.09 and continued to swing in and out of positive territory after a dismal first part of the year.
The fallout from the collapse of Lehman Brothers and mounting doubts about whether political wrangling in the United States could block a proposed 700-billion-US-dollar rescue package will continue to weigh, dealers said.
"It is anybody's guess (what will happen with the market)," said Francis Lun, general manager at Fulbright Securities. "Turnover is very low, which shows the concerns of investors and highlighted by the bank run."
The fragility of global confidence was demonstrated on Wednesday in Hong Kong by a run on one of the city's most established financial institutions, the Bank of East Asia after a text message rumour about its stability.
Soothing words from the bank and the government helped ease the rush of savers hoping to withdraw their cash, but the nervousness was also reflected in the market. "Everybody is just holding on to their money, no one is buying anything," Lun said. "Unless there is a great turnaround, we do not see the situation improving."
Lun said there was some hope that the passing of the US rescue deal and some further consolidation in the banking sector could provide some comfort. If the deal is passed, the market will likely trade around 19,000 points, but could turn towards 17,000 if the deadlock cannot be overcome, he added.

Copyright Agence France-Presse, 2008

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