As goes liquidity, so goes the market's mojo

THE Urban Dictionary states that "mojo" was "originally a charm or a spell" but now "it's more commonly said to mean sex appeal or talent". The Cambridge Online Dictionary defines "mojo" as "the quality that attracts people to you and makes you successful and full of energy".

We're not sure whether stocks can be charming or sexy but it's a fair bet that if you were to ask any of the local market's traders, investors or brokers about the local market's mojo, they would not only prefer the second definition but would also complain that it's been absent for some time.

Of course, it doesn't help that Hong Kong has taken off as it has over the past four to five weeks, with prices shooting skywards in volumes that local players can only dream about. This massive outperformance has been the source of much griping, and no small amount of envy among local observers - which is perfectly understandable.