TNAG-2594-FCO40-3782-Appointment-of-Chris-Patten-as-new-Governor-of-Hong-Kong--Ap-1992 — Page 72

27-APR-1992 14:44

INFORMATION SERVICES DEPT

+ 852 521 7242

P.01/03

C

TO: All Overseas Offices

RPTD: Asia Today, Francis Ho (Industry)

PACES: 3

FROM: DIS (Jonathan Lange)

DATE: April 27, 1992

LOG: OPRS/L./ 289

FINANCIAL ROUNDUP FOR WEEK ENDING FRIDAY, APRIL 24. 1992

MARKET SURGES TO RECORD

The

Hong Kong stock market burst through the Friday closing the week at a record high of 5,330.17, as

was Turnover money

to flood into Hong Kong, continued HK$4.02 billion (US$515 million).

5,300 point

point barrier

Overseas

a

buoyant

It was the third consecutive day in which the Hang Seng Index climbed to new highs. The previous day saw the busiest trading since the 1987 crash with turnover reaching HK$4.5 billion (US$572 million) third highest in the history of the stock exchange.

the

One broker said it had been a very strong market with money overseas plus local interest picking up again, although activity still concentrated on blue chips,

from

There are predictions the index will continue to rise during the week,

器 feature but profit-taking is likely to remain experienced on Friday.

of trading

as

CHINA LIGHT PROFIT

has

Hong Kong's biggest electricity producer, China Light and Power, reported a 38 per cent lift in profits for the six months to the end of March.

to HK$1.27

to

HK$5.59

Profits after tax but before scheme transfers amounted billion (US$163 million). Turnover rose 14.4 per cent billion (US$717 million) and a second interim dividend of HK 22 cents was recommended.

chairman, CLP

However,

present Lord Kadoorie, has warned that on indications, the growth rate of earnings for the full year ending September 30 will be moderate.

Sales of electricity to China provided a HK$50 million (US$6 million) boost to CLP's healthy interim result.

CLP/EXXON BORROWINGS PREDICTED

later

Hong Kong bankers are expecting China Light and Power and Exxon Energy to borrow between HK$4 and HK$8 billion (US$500-1,000 million) this year to help finance their huge Black Point power station.

Reports quoting bankers indicate the 6,000 megawatt project in Castle Peak will probably cost some HK$23 billion (US$2.9 billion) with about two thirds of it financed through export credit and the remainder from the private sector.

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