Three years ago, Nestor Roldan decided his future was back in Hong Kong where he belonged. He sold up in Toronto, where he had emigrated with his wife, and returned to Asia's boom town ready to start again . . . and to invest his savings on the stock market.
On Thursday, he was waiting his turn in a queue of grim-faced investors as the market experienced its heaviest one-day loss in history.
With his wife at his side, Mr Roldan was anxious to find out how much his newly bought shares were now worth.
'I bought them shortly after the handover, when people around me were saying how bullish the market was,' he said. 'I had not expected prices to come down so quickly.' In fact, they fell so fast in just three months that a chunk of his $200,000 savings had evaporated. Yes, he was dispirited, but no, he was not going to sell. 'I don't consider myself a loser,' he said firmly. 'It's just bad timing for me.' In stark contrast to previous stock-market crashes, hard-hit local investors - the everyday people who play the market - seem better able this time to take their losses in their stride.
With the Hang Seng Index down almost 30 per cent for the month, ending at 11,144 points on Friday, selling their assets at this stage was out of the question. Die-hard investors and small-time speculators seem prepared to bide their time regardless of their astronomical paper losses.
'I am still young,' said 26-year-old Anthony Chan at a brokerage filled with uptight investors. 'An older person may not be able to take this.' He was referring to a loss that would shake anyone. Just a couple of months ago, the former office worker owned shares worth up to $8 million. By last Thursday, they were down in value by a staggering 80 per cent.
