Around the World's Markets: Hong Kong

Wednesday 20 January 1999 00:02 GMT

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STOCKS fell by 1.08 per cent as overseas fund managers sold off holdings in utilities and red chips. The Hang Seng ended the day at 10,290.11, down 112.43 points.

Sentiment was subdued by reports that the HK dollar was next in line for devaluation. Amid thin volume, the market was also pulled down by futures-related trading.

Brokers said European fund managers were still reducing their Asian portfolios. This week any gains would depend on Wall Street, they said.

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