Things Turn Around

You guys hate my narratives, but I like my narratives, so... there.

I went into work today at 5:30 a.m. like I usually do. It was a typical Friday - as the intern, I have to be the first person in the office - usually to do summaries of the English-language newspapers and the like. I actually enjoy showing up to a 70-story building when I am the only in it. It's the only time here in Hong Kong I feel truly able to be to myself.

Anyways. So, I finish my tasks around 8:15 a.m. and then I am just browsing the terminal for interesting stories to e-mail to people. Then my former stocks editor taps me on the shoulder.

Editor: "We need you to cover Hong Kong stocks - everyone called in sick."
Ken: "Just Me?"
Editor: "Yea, Please. I need the preview in 20 minutes, thanks."
Ken: "Okay."

I realize two things immediately that didn't pass through my mind while my editor was talking to me:

1) The Industrial & Commercial Bank of China's $19.1 billion initial public offering is today -the largest IPO in the world's history. It's listing today, on my stock market I have to cover.
2) The Hang Seng Index is set to hit an all-time record.
3) I'm fucking alone to cover it.
4) And I have never written a stocks story without a co-byline before to help me through it.

Okay, maybe four things. After said pissing of pants, I got to work.

9:20 a.m. -I file my preview story in 20 minutes. Basically the preview is an overview of yesterday's market and any stocks we suspect will move today because of company news that came out after the markets closed yesterday.

Editor: "Okay, preview's out. What's your theme?" (context: every market moves for a reason, so without the market opening, I have to tell him my reason of what will move and why.)
Ken: "Consumer spending news in the U.S was mostly postive. That will reflect on the exporting companies such as Yue Yuen and Li & Fung Ltd. ICBC lists today, so all the liquidity that was pulled from the market to apply for ICBC shares will re-enter the market, probably back into their target companies. We'll be up this morning, probably led by usual cast of characters."
Editor: "Oil?"
Ken: "Oil's done nothing the last few days."
Editor: "Watch oil stocks. You have an up theme I take it?"
Ken: "Yes."

Up theme= the Hang Seng Index is up today, for xxx reasons

10 a.m. - Market opens. The Hang Seng is up. I send my first fill story (I produce five updates in a stock story a day: entrance, fill, full story, afternoon update, close.)

Oil stocks are split today, and so are airlines. Usually oil and airlines move in tandem in today's market. If oil's up, oil stocks rise, airlines decline and then visa versa. I need an oil story though.

Editor: "I'm going to work on your oil section. You have very little company price information to back up your thesis. I think you'll need to try again with oil."
Ken: "Sounds good."

11 a.m. - With the exception of oil stocks, my thesis is holding up. The Hang Seng passes its record high and ICBC shares are trading 17 percent above their initial trading amount (so if you had 100 bucks in ICBC... in one hour you have 117.... hot).

However, I don't have a fund manager. I need a fund manager. Yes, they are exactly what they sound like. Very powerful people, who often control and decide the fate of tens of billions of dollars. They are G-d to the stocks writer. I go to my fund manager contact list.

11:45 a.m. - I haven't reached a fund manager. My story in completion is due in 45 minutes.

12:15 p.m. - Lilian at Daiwa answers her number. We speak for about 5 minutes. I've got my fundie. Now, I have a full stocks story due in 15 minutes.

12:40 p.m.-
Editor : "Where's my story?"
Ken: "I'm updating price information now and editing. Give me two minutes."
Editor: "Nope."

I send my story, and I am not happy with it. There is huge things I wanted to write about. I didn't have the time. To avoid doing the dialogue - basically my story gets shot to shit, mainly on the basis that it just wasn't ready. I needed more time. I learn and move on.

Lunch time.

2:00 p.m. -
Editor: "Ready for the market to re-open?"
Ken: "Yea."
Editor: "It should be a pretty easy afternoon. The Hang Seng is up 60ish points, it's probably going to stay that way. See if you can develop your themes more. Maybe oil stocks will pull together. We'll have our 'up' theme."

2:30 p.m. - Market reopens. (The market trades for 1 hour, 30 minutes until 4 p.m. I have a final story due to my editor by 4:30 p.m. - half the time I had in the morning. However, the story is basically written, I just update a lot of the prices).

3:00 p.m. - Hang Seng up 50 points.
3:02 p.m. - Hang Seng up 25 points.
3:03 p.m. - Hang Seng up 10 points.
3:07 p.m. - Hang Seng down 10 points.
3:08 p.m. - Hang Seng up 5 points. My story template dies. The Hang Seng is no longer at a record, nor is up. It's swinging between gains and losses (aka hard as fuck to write).
3:09 p.m. - Hang Seng is down 40 points
3:15 p.m. - Hang Seng is down 80 points.
3:20 p.m. - Hang Seng is down 110 points. (at this point... we have a very different story on our hands, nothing I have written, nor the quotes I have gathered, will work. My story is due in 1 hour, ten minutes..)

Editor: "We need a down story. What's the theme?"

Then I have an idea, and I throw something out.

Ken: "The Hang Seng is down because of ICBC."
Editor: "How?"
Ken: "ICBC is the biggest IPO in the world, and the bulk of the Hang Seng index are finance related stocks. It's most likely people are buying into ICBC, explaining why it's up now 18 percent, and why all the banks are down. Also, the Hang Seng has risen dramatically the past week, we could see some correction and psychological issues about the record high."
Editor: "Sounds Good."

I check the Hang Seng Financial Index - it's exactly what it says it is, a sub index made up of finance related stocks. It's way down. All banks and the Hong Kong Exchange stocks are down.

Bingo - I have my theme. Now I need a fund manager to ask if I am write. Remember last time? I have 15 minutes before the market closes. At this point, most of the investing community is incredibly busy -it will be hard to find someone.

I find a fund manager. He agrees with me somewhat. He also talks more about how the Index is at a record, so people could be just scared of the Hang Seng going any higher. Also, something called ''profit taking'' is happening.

Profit Taking = Stock goes up, you make money. You sell stock and get money, you get your profit. Simple. (FYI: Profit Taking is an illegal word in business journalism. We're never allowed to say a market moves because of profit taking. I agree.)

4 p.m. - The market closes at a stable level of down 60 points. I've got my quotes on what's happening with the market. I look at oil stocks - they are down. I look at airlines - they are up. Yay, took them about fucking time.

I write a couple theme graphs on ICBC being this huge-ass deal for the market, and why banks may not be benefiting from a new dog on the block. I write about how the positive U.S. economy is still helping Yue Yuen and Li & Fung (remember them? They were at the top of my story... they closed up today, yay, one theme didn't have be totally rewritten.).

4:30 p.m. - I send my story.

Broadcast Anchor: "Hey Ken, we're hearing rumors that we had a really high turnover day. Can you check?" (Turnover ... well, basically how much money's worth of stocks changed hands).

4:35 p.m. - We find out the HK Stock Market had the second-highest day of trading in history. The only day higher was the massive sell off in 1998 during the Asian Financial Crisis.

4:50 p.m. - Story gets posted on the wire.

Byline: Ken Sweet.

I, by myself, covered the stock market on: the biggest IPO in the word entering the market, the second-highest volume day ever and the all-time record high for the Hang Seng Index.

By Myself.

I wish Darren was here. He went to Austrailia, I hope he would be proud.

Editor: "Great job today Ken. Have a great weekend."

So I left.

Please Mind the Gap,
~Ken

This Post's Covet Item: Ny-Quil. I didn't say throughout this entire post that I started coming down with something. So I worked all day today pretty much sick.

Tourism meets Buddhism

Picture a Buddhist monestary. What words come to your mind? Serene? Calm? Beautiful? Those are usually the words I put with East Asian temples, from what I have seen since I came to China.

My serene thoughts of a Buddhist monestary were shattered on Sunday, after a few friends and I decided to visit the Tian Tan Buddha on Lantau Island. It's the largest sitting Buddha in the world.

I should have been forewarned about going. First off, I thought such an object would be nice and calm to go see. I ignored the signs right infront of me:

1) Tian Tan Buddha was built in 1990
2) A major Hong Kong transportation company just opened a Cable Car, the Ngong Ping 360, to get to it.

I should have known better. Instead I got this:

AGH! I hate lines!!! The bottom photo was the back of the first of five line segments we had to wait in to get on the cable car. Once we were on, though (1 1/2 hours later), the ride was somewhat pleasant.

Sorry for the glare. We were told that this monestary was way out of the way, and the Ngong Ping 360 was the only way to really get out to see it in time. However, my friends and I noticed a very nicely sculpted path right under the Cable Car.

So, we all felt bad because instead of walking on the nice wooden path through a beautifully green mountainous path, we put ourselves in our sterile little cable car box and rose past it. It was sad. The superficiality of this trip could only get worse....

Now... I support Starbucks. They make great coffee. However, this Starbucks was located in a fake village Ngong Ping 360 built next to Buddha. I quote the brochure:

"Ngong Ping Village occupies 1.5 hectacres adjecent to the Tian Tan Buddha Statue in Lantau, and has been designed to reflect and maintain the cultural and spiritual integrity of the Ngong Ping Area."

I would like to note this Starbucks was next to a giftshop, a French restaurant, and a Chopstick store. Oh! They had a mascot too.

Sorry for the stupid picture, the attendent doesn't know how to use my camera. ... sad. But... you get the picture. There are no monkeys on Lantau island (with the exception of said monkey costume man).

Okay, after losing my soul in the commerciality of that damn village. We made it to the Buddha.

Pretty neat looking, huh? The crowds were massive in the town, but honestly, there was hardly anyone at the Buddha. It was really sad, really.

This was behind the Buddha. Why couldn't the Cable Car have like two exits and dropped me off somewhere in that mountain over there?

Please Mind The Gap - and the creepy monkey.

~Ken

This Posts Covet Item: Ebony chopsticks set at the Chopsticks Store, US$120.