27-APR-1992 14:44
INFORMATION SERVICES DEPT
+ 852 521 7242
P.01/03
C
TO: All Overseas Offices
RPTD: Asia Today, Francis Ho (Industry)
PACES: 3
FROM: DIS (Jonathan Lange) DATE: April 27, 1992
LOG: OPRS/2/289
FINANCIAL ROUNDUP FOR WEEK ENDING FRIDAY APRIL 24. 1992
MARKET SURGES TO RECORD
The Hong Kong stock market burst through the
on
overseas vas a buoyant
5,300 point barrier Friday closing the week at a record high of 5,330.17, as money continued to flood into Hong Kong. Turnover HK$4.02 billion (US$515 million).
It was the third consecutive day in which the Hang Seng Index climbed to new highs. The previous day saw the busiest trading since the 1987 crash with turnover reaching HK$4.5 billion (US$572 million) third highest in the history of the stock exchange.
the
One broker said it had been a very strong market overseas plus local interest picking up again, although activity still concentrated on blue chips.
with money
money from
There are predictions the index will continue to rise during the week,
A feature of trading but profit-taking is likely to remain experienced on Friday.
as
CHINA LIGHT PROFIT
Hong Kong's biggest electricity producer, China Light and Power, reported a 38 per cent lift in profits for the six months to the of March.
has
end
to HK$1.27 HK$5.59 cents
Profits after tax but before scheme transfers amounted
cent to per billion (US$163 million). Turnover rose 14.4 billion (US$717 million) and a second interim dividend of HK 22 was recommended.
that on
present
However, CLP chairman, Lord Kadoorie, has warned indications, the growth rate of earnings for the full year ending September 30 will be moderate.
Sales of electricity to China provided a HK$50 million (US$6 million) boost to CLP's healthy interim result.
CLP/EXXON BORROWINGS PREDICTED
later
Hong Kong bankers are expecting China Light and Power and Exxon Energy to
borrow between HK$4 and HK$8 billion (US$500-1,000 million) this year to help finance their huge Black Point power station.
Reports quoting bankers indicate the 6,000 megawatt project in Castle Peak will probably cost some HK$23 billion (US$2.9 billion) with about two thirds of it financed through export credit and the remainder from the private sector.
...12