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Stocks show turn of foot in post-Games euphoria
Things got back to normal yesterday, with all eyes on  stock quotes tables rather than the Beijing Olympic Games medal table.
The Hong Kong stock market got off to a good post-Games start, moving back above 21,000 points with a 3.5 per cent gain, the sharpest advance in five months, while mainland markets were mixed - Shanghai gaining slightly and Shenzhen marginally lower.
So, what does the future hold? Based on our chats with brokers there are few good omens.
First, China earned a near perfect score - not to mention 100 medals - for its organisation of the Games. There were no terrorist attacks, no riots, and no major clampdowns, so the short sellers are running out of excuses for holding their positions.
Then there are all those visitors from overseas who, once back in their home countries, may have such a good impression of Beijing that it could trigger the reallocation of funds to China in the third and fourth quarters.
Thirdly, having spent 300 billion yuan (HK$343.18 billion) on the Olympics, the central government is now free to implement market rescuing measures. Backing this up is the expectation that President Hu Jintao will reward the 1.3 billion population for such a good show.
Finally, with falling oil and commodity prices and some improving corporate earnings, local traders can get back to concentrating on the markets.
Lai See's less scientific prediction is that there will be no substantial fall in the Hang Seng Index for the rest of this month because the Olympic diving competition is over. Although it was a shame that the Chinese diving team could not match Michael Phelps'  eight gold medals.
Sure losers
They were hailed as 'sure win' stocks. Investors could not go wrong because of increasing government spending and the number  of tourists expected to visit China.
But look what has happened to the eight Olympic sponsor stocks since the start of 2008.
Remind anyone of what they said during the heady days of dotcom?
Li gives up a seat
Bank of East Asia chairman David Li Kwok-po is cutting down his directorships.
Yesterday, the 69-year-old banker relinquished his position as an independent non-executive director of China Merchants China Direct Investments, citing his  business, political and charity commitments here and overseas.
However, Mr Li still has 10 directorships, keeping him in the elite club of eight Hong Kong businessmen who sit on the boards of at least 10 listed companies.
Scheduling conflict
Timing is everything. Shareholder activist David Webb (below) had urged his followers to get out and vote last Saturday to prevent the government from increasing its grip on the Hong Kong Internet Registration Corp's (HKIRC) board.
However, of the 48 people who turned up for the extraordinary general meeting just hours after Typhoon Nuri had battered the city and while the No3 signal was still hoisted, only six voted against the move.
It is also worth noting that the original HKIRC member presentation evening was held on August 8, while the  extraordinary general meeting was scheduled for the last full day of Olympics finals.
Proud impressions
The final word on the Olympics belongs to the father of Lan Kwai Fong Allan Zeman, who missed the opening ceremony but managed to make it to the capital for Sunday's finale.
'Everything was so impressive. This was a different China, or a different Beijing to the one I know,' he said. 'I feel really proud to be a Chinese.'
We're not sure if the non-Mandarin-speaking Jewish entrepreneur is planning to become a member of the Chinese Communist Party.



Lai See