stood at $8.20 against the US dollar and at 65.3 in terms
of the trade-weighted index. The corresponding rates of
depreciation were 12.2% and 11.5% over the quarter.
The securities and gold markets
3.12
The stock market was volatile in the third
quarter. The Hang Seng index rose from 964 at the end of
June to 1 103 on 21 July, the highest so far this year.
The market then
then drifted steadily downwards.
fall was
renewed
Much of the
the
attributable to mixed corporate results,
strength of the US dollar and concern over the
future of Hong Kong.
The Hang Seng index plunged
74 points to 842 on 19 September, the biggest one day fall
since October 1982. It fell further to finish at 758 on
30 September. Daily turnover fluctuated widely, in a range of $60 million to $589 million. Total turnover for
the quarter was $10,803 million, compared with $7,144 million in the previous quarter.
3.13
The price of gold on the Chinese Gold and Silver
Exchange Society exhibited a sustained uptrend, reflecting
the continuous depreciation of the Hong Kong dollar. The
price increased from around HK$3,500 a tael at the
beginning of July to HK$3,900 a tael towards the end of the quarter, having touched HK$4,705 on 24 September, the highest since October 1980.
3.14
ounce,
In terms of US dollars, however, the price of
gold was relatively stable. On the loco London gold
market, it fluctuated between US$400 and US$430 an
reflecting the relative strength of the US dollar. It
stood at US$402.75 an ounce at the end of September,
compared with US$416.75 at the end of the second quarter.
23
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