XN000022-1993-06-02 — Page 39

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WEDNESDAY, JUNE 2, 1993

HE POINTED OUT THAT UNDER THE ORDINANCE, THE PROHIBITIONS RELATING TO INSIDER DEALING APPLY TO SECURITIES ONLY AND COVER ONLY RELEVANT NON-PUBLIC INFORMATION WHICH IS PRICE SENSITIVE ΤΟ A PARTICULAR ISSUING COMPANY, BUT NOT INFORMATION WHICH IS PRICE SENSITIVE ACROSS THE ENTIRE MARKET.

"THEREFORE THE SITUATION ALLUDED TO IN THE QUESTION, THAT 18 THE RELEASE OF INFORMATION RELATING TO EXTERNAL POLITICAL MATTERS SUCH AS

THE SINO-BRITISH TALKS, DOES NOT COME WITHIN THE SCOPE OF INSIDER DEALING AS CONTEMPLATED UNDER THE ORDINANCE, HE SAID.

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CHARACTERISTICALLY, THE VOLATILITY OF THE HONG KONG MARKET IS OFTEN AFFECTED BY THE EXTERNAL FORCES AND A 100-PLUS POINT MOVE IS NOT AN UNUSUAL OCCURRENCE, THE SECRETARY SAID.

DETAILED

THE COMMISSION ROUTINELY MONITORS MARKET ACTIVITY, AND WHERE ANOMALIES OR OTHER UNUSUAL MARKET PHENOMENA OCCUR, MORE EXAMINATION WILL BE CONDUCTED, HE ADDED.

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