Having formed the view that the Hong Kong market had overreacted to both the Dubai World debt problems and the potential need for China's banks to raise additional capital, I undertook a small speculation in the warrant market this morning.
I purchased some warrants on the Hang Seng Index (19288) paying HK$.182 per warrant and sold them less than two hours later for HK$0.19. Net of costs, I made a profit of about 2.1%. Given that I was using only a very small amount of money, the gain was not meaningful in the overall scheme of things, but enough to pay for a very nice dinner for two with a nice bottle of wine.
If nothing else, it gave me something useful to do during what is shaping up to be a monumentally boring day at the office.