$3 bill wiped off market
NZSE 40 falls 5.35 per cent on the back of turmoil in Hong Kong
Friday, October 24th 1997, 12:00AM
More than $3 billion was wiped off the New Zealand sharemarket on Friday as it got caught up in a worldwide selling frenzy.The NZSE 40 finished the day down 139.61 points, a fall of 5.35 per cent, while the smaller companies index fell 224.83 points.
Turnover for the day was a total of $89.2 million. Brokers say the selling action started with private clients and moved to institutions later in the day. However, some institutions are thought to have started buying again later in the day.
The sell off in New Zealand was triggered by a 10 per cent fall in the Hong Kong market on Thursday.
While that was the Hang Seng's biggest one day drop in history, it closed up 6.89 per cent on Friday.
Turmoil in Asian economies is unsettling investors, particularly as there is much comment on the 10th anniversary of the 1987 crash.
The current situation is not like 1987. GO to feature Booming 10 years on.
See market page for a full table of New Zealand share prices.
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Jardine Fleming comments on Hong Kong market.
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