Daily trading volumes on the Hong Kong stock exchange plunged to less than HK$50bn a day in the third quarter, levels last seen in the depths of the global financial crisis, as investors were scared off by economic and political uncertainties.
Blaming the poor market activity, Hong Kong Exchanges and Clearingon Wednesday reported profits that were down by one-fifth in the third quarter compared with the same period last year, underlining the rationale behind the exchange’s deal to buy the London Metals Exchange and diversify its revenues.
Charles Li, chief executive, also highlighted HKEx’s push into more renminbi-related products and its launch of a clearing house for over-the-counter derivatives.
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