BEA rebound shows how to walk the walk, talk the talk
It is not often a bank stock can still walk, let alone climb, after a bank run.
But Bank of East Asia bucked the trend yesterday with a 3.38 per cent rebound to close at HK$26, thanks to support from the very top, namely Chief Executive Donald Tsang Yam-kuen and Hong Kong Monetary Authority czar Joseph Yam Chi-kwong.
BEA chairman David Li Kwok-po said it was unethical for people to spread rumours about his bank's financial health, hinting that they had something to do with the short selling activities seen in the past week.
But despite all the huffing and puffing about bringing the culprits to justice, the chances of that happening are slim.
Some may recall 17 years ago when Standard Chartered was the subject of a bank run following rumours, said to have started in London, that it was about to lose its licence as a Hong Kong note-issuing bank.
