INDUSTRY stocks continued to haemorrhage yesterday as a trickle of activity came back into selected red chip stocks.
The penetration of blue chip linked trading grew yesterday as investors reshuffled their portfolios to match the changing Hang Seng Index, changes to the Morgan Stanley Capital International indexes and the Hang Seng Index in London.
Blue chips took up 74 per cent of turnover, H shares were 1.5 per cent and small-and medium-sized companies represented 24 per cent of activity.
New listing Golden Harvest Entertainment shed another 10 cents or five per cent to hit a new post listing low of $1.84 on 10.74 million shares, the seventh most active stock of the day.
Applied International had another poor day, slipping four cents to $1.03 on 12.29 million shares, the sixth most active of the day.
Ankor lost ground for a second day, down four cents or almost 10 per cent to 33 cents. This stock has definitely seen better times. After coming to the market in the spring of 1992 at around $1 the stock leapt to $4.50 between June 11 and September 1993. Since then it has been pretty much down-hill all the way.