HIS to further dive 15-20%: Morgan Stanley

Y.K. Fu, Morgan Stanley strategist, said the sharp correction in the Hong Kong market might have limited uncertainties resulting from the terrorist attacks in the U.S. As economic consequences of the events unfold, the market may test lower ground before a bottom is established, he said. Historical valuations and other quantitative models indicated that the Hang Seng Index is likely to see another 15 to 20 percent downside from its present level, Fu said.

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