Cab Chat
The financial turmoil holds no fear for Sha Tin resident Ho Kiu-shing, 54, who is in the stock market for the long haul despite the chaotic swings
It is really strange to have melamine in eggs. First they found melamine in mainland milk powder, now they have found it in eggs. I guess chicken farmers use contaminated milk powder to feed their chickens, or else how could it be so? You know, no one wants Sanlu milk powder now. It should be cheap. It makes sense if it ends up in chicken feed. It's all right for me. I can just stop eating eggs. Vegetables are my main diet now. They are healthy and good. I have simple lunches. Usually I eat out, since I work from eight in the morning to 10 at night. Beef or pork is OK, too.
The stock market is fluctuating so much, but I don't worry about it. Last Monday, it dropped to about 11,000 points. The day after it was above 12,000 points. I think the stock market plunge has nearly reached its bottom. Countries outside Hong Kong have proposed a lot of measures to save the economy and I think they will work.
I have bought stocks. I am interested in big mainland companies. No, I didn't buy Citic Pacific. I bought China Construction Bank. I didn't sell it when it reached HK$8, and I didn't sell it when it was HK$3-something. As long as you don't need the money and keep the stocks, market changes aren't a big deal.
Chief Executive Donald Tsang [Yam-kuen] has just named a crack taskforce to tackle the financial crisis. They have top bankers on the list and I am confident they can think of something. But it is important that they really do something rather than just talk.
Although stock indices may have hit their lowest point, the problem of unemployment will only get worse. Many more companies will lay off people, I guess. Luckily, none of my friends or relatives has been laid off yet. However, I think it will be toughest when it comes to Lunar New Year at the end of January. Most companies lay off people after the traditional New Year holiday. The sector to be hit hardest will be Chinese restaurants. Just wait and see.