Bears have a field day on Hong Kong bourse

HONG KONG: The steep fall in the Hang Seng Index (HSI) yesterday is a clear indication of the prevailing bearish market sentiment and the impending not-so-rosy earnings numbers of big firms.

The slew of concessionary measures announced by the Hong Kong SAR government in its 2009-10 budget has also not done much to bolster investor confidence.

Investment banker Morgan Stanley has in a report indicated that the new policies have had a negligible impact on the stock market, as the funds earmarked for the stimulus is just 1.5 percent of the city's gross domestic product. Added to this the outlay is 8.7 percent lesser than the previous year, it said.