HONGKONG STOCK MARKET, June 14 - 17, 1988
the beginning of the previous week snaked its way through the streets, and some said that considerable sums were of- fered to those at the front of the line by eager, would-be purchasers.
It was expected by some property consultants that the sale of the latest blocks would be eagerly gobbled up by buyers, in the same way as the earlier blocks.
The Property Sub-Index rose 31.07 points to close at 4,159.82.
In the other sectors, the Financial Sub-Index remained the laggard with a gain of 6.02 points to 1,648.41.
The Hongkong and Shanghai Banking Corporation was the runner-up on the most active stocks list, though its share price remained at similar levels to the previous few weeks.
There continued to be support for second and third line stocks as C.P.Pokphand Company Ltd saw its shares close above $HK3, as compared to its initial offer price in April 1988 of $HK1 per share.
Overall, brokers were anticipating another week of steady gains, though some figured that the Market might consolidate around the 2,700-point level.
In Tokyo, the Nikkei Stock Average continued to break records as it rose 195.14 points to close at 28,342.46.
On the Hang Seng Futures Market, the spot month closed at a premium of 38 points as compared to the main Index in Exchange Square.
The month of June closed up 38 points at 2,760, the month of July gained 42 points to 2,760, and the far month of August improved 45 points to 2,765.
Major news included:
(a) It was confirmed after the Market closed that Mr Pe- ter Lam of the Lai Sun Group, Mr Cheng Yu Tung, and Mr Stanley Ho were negotiating with Mr Deacon Chiu to buy out ATV Holdings Ltd;
(b) Hongkong Telecommunications Company Ltd an- nounced a Profit for its first Year of $HK2.99 billion, better than had been expected, and the company gave a final dividend of 5 cents per share; and
(c) Bond Corporation Holdings Ltd announced that it had mustered enough bucks to finance its purchase of the Australian Bell Group, having secured the cash from The Hongkong and Shanghai Banking Corporation and British bank, Midland plc.
The tally for the week June 14-17, 1988
on The Hongkong Stock Market was:
a) The Hang Seng Index closed at 2,718.02 points; b) The Hang Seng Index rose 70.6 points com- pared with its previous close, equivalent to a gain of 2.67 percent;
c) The week's turnover was $HK3,137.64 million; d) The average daily turnover was $HK784.41
million, compared with the average daily turn- over of $HK1,469.10 million the week before.
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