TUESDAY, OCTOBER 6,
1992
HK STOCK MARKET AMONG WORLD TOP PERFORMERS
ECONOMIES RECOVERY,
WITH RECESSION LINGERING IN THE WESTERN DEVELOPED AND THE SECURITIES MARKET OF JAPAN STILL SOME WAY FROM FULL THE PERFORMANCE OF THE HONG KONG MARKET IN THE PAST YEAR IS CERTAINLY SOMETHING THAT WE CAN BE PROUD OF.
MR
THIS WAS STATED TODAY (TUESDAY) BY THE FINANCIAL SECRETARY, HAMISH MACLEOD, AT THE SIXTH ANNIVERSARY COCKTAIL RECEPTION OF THE STOCK EXCHANGE OF HONG KONG,
"INDEED, OUR MARKET WAS AMONGST THE TOP PERFORMERS IN 1991, WITH THE HANG SENG INDEX GAINING 42 PER CENT.
"SO FAR THIS YEAR, THE HANG SENG INDEX HAS RISEN BY YET ANOTHER 30 PER CENT.' HE SAID.
MR MACLEOD SAID THE GOOD MARKET PERFORMANCE WAS DUE TO A NUMBER OF FAVOURABLE FACTORS: "OUR ECONOMY IS ROBUST. WE EXPECT THE ECONOMY TO GROW AT AN ANNUAL WERAGE RATE OF 5 PER CENT IN REAL UP TO 1997.
TERMS
"WE HAVE
WELL-ESTABLISHED
LEGAL,
RISK-MANAGEMENT FRAMEWORK TO PROTECT THE INTEREST
MARKET PRACTITIONERS.
REGULATORY
AND
OF INVESTORS AND
T
"WE HAVE THE IMMENSE POTENTIAL PROVIDED BY CHINA AS OUR ECONOMIC HINTERLAND,'
THE FINANCIAL SECRETARY NOTED THAT THE PAST YEAR HAD WITNESSED THE SMOOTH AND SUCCESSFUL IMPLEMENTATION OF THE REFORM PACKAGE FOR THE STOCK EXCHANGE.
"THIS IS AN IMPORTANT ACHIEVEMENT. IT PUTS OUR STOCK MARKET A FIRM AND SOUND FOOTING," HE SAID.
ON
"AS SECURITIES MARKETS BECOME INCREASINGLY COMPETITIVE, WE MUST CONTINUE TO SEEK TO MAINTAIN HONG KONG'S COMPETITIVE EDGE, AND SECURE ITS PLACE AMONGST THE LEADING FINANCIAL CENTRES OF THE WORLD, HE ADDED.
"WE MUST ENSURE THAT OUR PRUDENTIAL FRAMEWORK IS BROADLY COMPATIBLE WITH THAT OF MAJOR FINANCIAL CENTRES ELSEWHERE. ΚΕ MUST ENSURE THAT OUR SYSTEM IS AT LEAST AS GOOD, IF NOT BETTER.
P
"WE NEED TO CONTINUE TO MODERNISE AND DEVELOP OUR MARKET AND TO RETAIN THE TRUST OF INVESTORS BOTH HERE AND OVERSEAS HE SAID.
+
EXCHANGE COUNCIL CAN OPERATE AND
THERE IS NOW A MORE REPRESENTATIVE STOCK WHICH PROVIDES A STRONG BASIS ON WHICH THE EXCHANGE DEVELOP.
/"SINCE THE