Hong Kong stocks finish 5.90 pct lower at midday
16/9/2008 18:02
Hong Kong's benchmark Hang Seng Index plunged 1,142.41 points, or 5.90
percent, to close today's morning session at 18,210.49, amid worries of a global
financial turmoil after investment bank Lehman Brothers collapsed.
The
benchmark Index plunged 1,027.25 points, or 5.31 percent, to open at 18,325.65
today. The benchmark Index once fell to the low of 18019.20 and bounded to the
high of 18342.76 of the early morning session.
The SFC approved the issue of
restriction notices on four entities of Lehman Brothers in Hong Kong to preserve
the assets of the companies and their clients, and to protect the interests of
these clients and the investing public.
The four entities include Lehman
Brothers Asia Limited, Lehman Brothers Securities Asia Limited, Lehman Brothers
Futures Asia Limited and Lehman Brothers Asset Management Asia Limited.
Hong
Kong Exchanges and Clearing Limited, the sole market operator, announced earlier
today all structured products issued by Lehman Brothers will be suspended from
trading in Hong Kong.
Lehman Brothers says it has stopped trading of its
warrants on the Hong Kong stock exchange. The investment bank said in a
statement to the Hong Kong stock exchange that it stopped trading because it had
filed for bankruptcy in the United States.
The statement said trading in
Lehman Brothers' warrants will be suspended until further notice and that
"Lehman Brothers Asia Limited will suspend its obligations to provide liquidity
for the issuer's warrants."
John Tsang, the Financial Secretary of Hong Kong
government, has assured the public that Hong Kong has an adequate monitoring
system.
Tsang said the Hong Kong government, the Monetary Authority, the
Securities and Futures Commission and Hong Kong Exchanges and Clearing will
closely monitor the developments of Lehman Brothers' which filed for bankruptcy
in the United States. He said market regulators will ensure trading on the Hong
Kong stock market will be conducted in an orderly manner and called on investors
not to worry.
Xinhua
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