Goldman

Goldman downgrade triggers sell-off in banking counters

Goldman Sachs has downgraded the Hong Kong banking sector amid the atypical pneumonia crisis, triggering a sell-off among banking shares.

......Mr Ramos said in a report. "While dividend yields remain attractive, we see less earnings resilience in 2003 as pressures mount."......

.....Standard & Poor's also issued a report yesterday warning: "Sars is......

Banking shares came under pressure after the reports, with Bank of China (HK) falling 1.86 per cent to HK$7.90 after Goldman downgraded the stock to "in-line" from "outperform".

What did I say then?

Calculation of Forward Volatility under Deterministic Volatility (4 years 15 weeks ago):

Forward Vol = sqrt[{ Vol_b ^ 2 * b - Vol_a ^ 2 * a } /(b - a)]

Where time a and time b are...

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