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The Hong Kong dollar was a tad weaker against the US dollar on Friday, with sentiment hurt by a falling stock market. Hong Kong's Hang Seng Index was down 0.56 percent, while the China Enterprises Index of top locally listed mainland Chinese companies dropped 0.66 percent. One dealer said a recent correction in the stock market had sparked fears of capital outflows.
However, another trader said the spot rate had been stuck in a narrow range and he had not seen a significant outflow of funds from the city. With investors still eyeing Asian markets in the hope of a quick recovery, the hot money was unlikely to exit the territory in the next 3-6 months, the dealer added. The HKD is pegged at 7.80 to the US dollar but can trade between 7.75 and 7.85. Local interbank rates nudged higher from the previous session. One-month Hibor was fixed at 0.13643 percent, up from Thursday's 0.12786 percent.

Copyright Reuters, 2009

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