Hong Kong―Economists may be anticipating a world economic recovery this year, but you wouldn't know it by looking at the Hong Kong stock market. A slew of problems, ranging from deflation at home to continuing weakness in exports, have pushed down the Hang Seng Index by 31% in the past 12 months, making it the worst-performing major index in Asia. Given the uncertainty in the global economy, a recovery by major Hong Kong stocks isn't expected soon. "Maybe we are looking at recovery in 2003," says Edmund Harriss, investment manager at Investec Asset Management in Hong Kong. "We will have to see more concrete evidence of an external pickup in demand before prices pick up."
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