XN000022-1987-10-20 — Page 3

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TUESDAY, OCTOBER 20, 1987

MARKET MUST BE ORDERLY, SAYS FS

本案

(TUESDAY) THE FINANCIAL SECRETARY, MR PIERS JACOBS, SAID TODAY

SUSPEND TRADING THAT THE DECISION BY THE HONG KONG STOCK EXCHANGE TO

BEEN HAPPENING HAD

ON THE WORLD MARKETS WAS EXPLAINABLE AS WHAT

TODAY WE FACE A MARKET

MEANT 'THERE IS THE DANGER THAT NOT AS ORDERLY AS WE WOULD HAVE LIKED.'

**

SPEAKING TO REPORTERS AFTER THIS

WHICH

IS

MORNING'S EXECUTIVE COUNCIL GOVERNMENT WOULD REMAIN IN CLOSE MEETING, MR JACOBS SAID THAT THE CONTACT WITH THE CHAIRMAN OF THE STOCK EXCHANGE TO SEE HOW QUICKLY THE MARKET COULD BE OPENED IN AN ORDERLY MANNER.

THAT THE

MARKET

DECISION то SUSPEND THE HE ADDED, HOWEVER, WOULD NOT HAVE A LONG-TERM EFFECT ON HONG KONG AS A FINANCIAL CENTRE.

TRANSACTIONS

Fr

MARKET IF IT MR JACOBS SAID THAT A MARKET MUST BE AN ORDERLY

'AT THE MOMENT THERE IS WAS TO SERVE THE INTEREST OF THE PUBLIC, AND

WHICH THE

IS GOVERNMENT

VERY AN ENORMOUS BACKLOG OF CONCERNED ABOUT.

**

THIS IS

"I'M VERY CONCERNED ABOUT THIS BACKLOG OF SETTLEMENT.

THE STOCK A PROBLEM THAT HAS EXISTED FOR SOME TIME. AS YOU REMEMBER,

SOMEONE то ENGAGING

LOOK INTO BETTER EXCHANGE IS ON THE POINT OF SETTLEMENT PROCEDURES," HE SAID.

MR JACOBS SAID THAT THE MARKET IN HONG KONG HAD DEVELOPED RAPIDLY AND HAD "SO MUCH EXCITEMENT OVER THE LAST FEW MONTHS THAT BACKLOG HAS BUILT UP."

VERY THE

HE ADDED THAT THIS BACKLOG HAD TO BE CLEARED AS IT WOULD BE THE INTEREST OF THE INVESTING PUBLIC.

IN

BEEN HAPPENING ON THE FINANCIAL SECRETARY SAID THAT WHAT HAD

AND *IT IS FELT THAT THE WORLD MARKETS HAD ADDED TO THIS BACKLOG, FIVE DAYS MAY BE NEEDED TO CLEAR THE BACKLOG OF SETTLEMENTS.

"I THINK IT'S BETTER TO HAVE THIS SUSPENSION,

HE SAID. GET SOME ORDER BACK TO THE MARKET,

"

ASKED WHETHER THE SUSPENSION WAS TOO LONG, MR WAS REALLY FOR THE STOCK EXCHANGE TO DECIDE. "IT DOES

SAID WE LONG PERIOD OF TIME, BUT AS T CONTACT WITH THE CHAIRMAN OF THE STOCK EXCHANGE,

HAVE

SO THAT WE CAN

JACOBS SAJD IT

SEEM

WILL REMAIN

1+

HE ADDED.

RATHER A

IN CLOSE

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