1990-08-22 12:02 MONETARY AFFAIRS BRANCH
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19
The possible impact of the Gulf crises
on Hong Kong's financial markets
Only limited presence of Kuwait's interests in Hong Kong's
financial institutions
Exposure of Hong Kong banking sector to Kuwait and Iraq is very
amal1
As at
end-June
1990
Liabilities to banks outside Hong Kong (HK$m)
Claims on
banks outside Hong Kong (HK$mn)
Claims on non-bank outside HK
(HK$mn)
Kuwait
Iraq
1 244 (0.05)
0 (0)
121 (0.006)
207 (0.03)
83 (0.004)
16 (0.002)
Middle East
37 827 (1.5)
6 688 (0.3)
1 764 (0.2)
() Figures in brackets denote the shares of the country/region
in total external claims or liabilities
Along with other major bourses, Hong Kong stock market fell in August in response to the Gulf crises. Between 31 July and 21 August, the Hang Seng Index dropped by 11.6%. overseas stock indices are shown halmu
•
Movements of
% decline between 31.7 and 21.8
New York Dow Jones London Financial Times Tokyo Nikkei
Syndey All Ordinaries Singapore ST Index Taipei Mark Index
- Notwithstanding
10.4
12.4
15.3
1.3
19.7
35.0
the recent fall in the local stock market, trading has been conducted in an orderly manner. (The revamped Stock Exchange had in the past denomonstrated its capability to cope with a volatile market when the Hang Seng Index dropped by 21.7% in one day after the June 4th event)
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