We are quite positive on the Singapore market given that economic growth has been coming in above market expectations. Valuations are reasonable and earnings are continuing to come in.

Tax cuts are always a good thing as they will help to improve competitiveness in the industries involved. I’m expecting supportive measures for the elderly and poor to have a bigger impact.

Their guidance for returning to profit in the fourth- quarter will probably be due to seasonality factors. There’s still a possibility of loss in the first quarter of 2006.

In the current uncertain environment, the smaller emerging markets tend to hold the greatest risks. We’ve already seen the impact of oil in Indonesia.

The markets are responding to a positive development. The region is sensitive to what happens in the global markets, the U.S. economy in particular.

We didn’t buy it before because there was always a risk in investing in Chinese companies. We will look at it and reassess the company again. We’re not rushing to buy now.

Investors are buying on expectations that earnings growth is going to be strong. Valuations are still reasonable.