HK dollar inches higher, interbank rates firm

The Hong Kong dollar nudged higher, but held within a narrow range yesterday, while interbank rates edged up on seasonal factors.

The local currency rose to as high as 7.7525 against the US dollar before settling at 7.7532/33 at 0932 GMT, up 0.02 percent from late Wednesday trade in Asia.

Local interbank rates edged higer, with one-month HIBOR quoted at 0.90/1.10 percent in late afternoon.

The three-month HIBOR was quoted at 1.95/2.05 percent, higher than its fixing at 1.99643 percent on Thursday morning.

Cheung Kong sees record sales, steady prices

Cheung Kong (Holdings) Ltd, Asia's top property developer by market value, said its Hong Kong flat sales so far this year stood at a record high of $3.6 billion and a limited supply of new flats should keep recent price falls in check.

Local developers were financially sound and there was no need for them to slash prices to boost sales, Justin Chiu, an executive director and head of property at Cheung Kong said. "A slight (downward) adjustment may be seen in Hong Kong, but the overall primary market is seen to be steady (for 2009)."

Morgan Stanley names Southeast Asia CEO

Morgan Stanley yesterday named Kate Richdale as chief executive for Southeast Asia, replacing Ronald Ong.

Ong will become chairman of Southeast Asia and "play a senior coverage role to many of the firm's clients across the region". Richdale, who will be based in Singapore, previously headed Morgan Stanley's Asia Pacific General Industries Group out of Hong Kong.

Reuters

(HK Edition 11/28/2008 page2)