"Hong Kong Exchange declines to say gains ground | AboutHK.Com - more information about HK"
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Hong Kong Exchanges & Clearing Limited chairman Ronald Arculli said it is "difficult to say," if the result of the company down reporting the lowest quarterly profit in two years.
The company that manages the third Asia-largest exchange said yesterday that net income fell 49 percent to HK $ 834.2 million ($ 108 million) in the three months to 31 March after the worldwide recession caused trade back. Arculli, 70, does not predict whether the band would be amidst signs of a pick-up in the second quarter.
“Every day you hear good news, you hear not-so-good news,” Arculli said in an interview with Bloomberg Television. “It doesn’t matter whether it’s on the economic front, at the macro level, the micro level, individual companies.”
The average daily turnover of securities in the stock market fell 55 percent to HK $ 44.7 billion in the previous year, as the deepening of the recession, pulled the benchmark Hang Seng Index to a four-month low on 9 March.
The instrument has 50 percent since speculation behind government stimulus efforts, such as 4 trillion yuan ($ 586 billion) of spending in China, the economic slump.
Arculli said 7th May in an interview that he was "not a buyer from Hong Kong shares currently levels. Stock gains drove the average valuation of the index companies to 15.6 times reached on 8 May, its highest level since January 2008.
The value of securities traded, to a daily average of HK $ 70.5 billion in the quarter and yesterday at HK $ 146.6 billion, the highest since Jan. 23, 2008.
Since the stock market low in March, Hong Kong Exchanges' shares rose by 50 percent. The stock fell 5.7 percent to HK $ 103.60 from 11:56 clock time.
“There are calmer markets today then there was at the beginning of the year, so the signs are good, but one still has to be cautious,” said Arculli. “Unfortunately, with the uncertainty, there’s bound to be volatility.”
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