We had a concerted effort by a number of companies to buy back their shares, which also provided some support. But there's evidence that some of the big companies listed on the Hong Kong market actually went and bought their own shares. This is quite routine and certainly legal, but at some level, it's cheating, because if you want to get a sense of which way the market is going, it's not like the bulk of investors went back into Hong Kong. I think in Hong Kong the arguements have been that this is a case of outside speculators trying to attack the much cherished peg to the U.S. dollar, but in reality I think this is far more about confidence within the territory. Property markets have got a very, very inflated level.
People are clearly concerned about what has happened to currencies elsewhere in southeast Asia.
So there's a degree of nervousness there, and I think a lot of the selling of the Hong Kong dollar that we have seen is probably from local residents rather than from George Soros. Simon Davies covers capital markets the Financial Times. More with our weekly market review in a few minutes. From the New York desk, Richard Carruthers reports. During his tenure from July 92 through to May of last year, the Magellan funds performance was modest, at least compared to its returns under the stewardship of legendary investor Peter Lynch.