HSBC closed 24.1 per cent lower on Monday, as worries about the banking giant's plans to raise capital spooked investors. So Hang Seng Index is heading towards our Target at 8,195.
Hong Kong's financial secretary John Tsang said on Monday the global economic slowdown would get worse before it got better. 'We have not seen the bottom. The worst is still to come,' he said.
With financial giants such as the Royal Bank of Scotland, AIG, and HSBC, reporting record losses in their annual results, Mr Tsang said he would have to wait until the middle of this year to have a better grasp of how Hong Kong's economy is going to play out.
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