HK analysis as Asia shares extend losses

(14 Mar 2023) RESTRICTION SUMMARY: ASSOCIATED PRESS Hong Kong - 14 March 2023 1. Various of Central Hong Kong showing Hang Seng index on billboard 2. Various of Central, Hong Kong’s central business district 3. Various of Paul Pong, managing director of Pegasus Fund Managers Limited 4. SOUNDBITE (English) Paul Pong, Managing Director of Pegasus Fund Managers Limited: “Most of the Asia market was, is down, actually. Hong Kong actually already retreated from yesterday’s gain already. So I think that the market still feels like uncertain and also I think the measure done by the U.S. government is to just guarantee the saving customer, the customer or client who has their savings, but not the company or the business, so that’s why a lot of their shareholders are still going to sell the share in this middle- or small-sized bank.” 5. Various of Pong, working at his desk 6. SOUNDBITE (English) Paul Pong, Managing director of Pegasus Fund Managers Limited: “Since the sentiment of all the global investors is very unrest (restless), I think that it will affect all the stock market, that is why the bond yield dropped a lot, a lot of people just put their money in the bonds, because first of all the bond yield is quite high at first, it’s 5% or 4% depending on if it’s a long or medium or short term bond, then you have 4-5%. Park the money there, and stay until everything has been solved. I think it will take maybe a few months at least, for example, to solve this problem and then maybe more problems will come in, because the problem haven’t been solved and finally a big problem will come, maybe later in the year.” 7. Various of Central STORYLINE: Hong Kong's Hang Seng index retreated from Monday's gain on Tuesday, with investors more cautious amid two US banking failures. Direct exposure to the risks from the US failures in Asia seemed slim, at least so far. Still, fears of contagion persisted, sending regional benchmarks lower across the region. Hong Kong's Hang Seng fell 2.4% to 19,233.51. The Shanghai Composite declined 0.6% to 3,247.81. Managing editor of Pegasus Fund Managers Limited Paul Pong said the market still felt "uncertain," adding that US government measures served to guarantee "the saving customer" and "not the company or the business". AP Video shot by Katie Tam =========================================================== Clients are reminded to adhere to all listed restrictions and to check the terms of their licence agreements. For further assistance, please contact the AP Archive on: Tel +44(0)2074827482 Email: [email protected]. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...