Hang Seng Index
Established in 1969, the Hang Seng Index is the benchmark stock market index, monitoring changes in 48 constituent blue chip stocks. It is maintained by Hang Seng Indexes Company, a unit of Hang Seng Bank, which is controlled by HSBC Group.
What the Brokers Said
FAIRWOOD Holdings operates Western and Italian fast-food restaurants under the names Fairwood and Mario's.
This time last year brokerage W. I. Carr placed a buy on the stock, saying the company would benefit from stronger economic growth and management initiatives.
This proved poor advice. Rising food costs and slumping demand saw Fairwood serve up a net loss of $88.21 million in its 1996 results.
A year ago Fairwood shares traded at 78.1 cents. Now they are worth 37.5 cents, having trailed the Hang Seng Index by 61.19 per cent.