A survey conducted by Hong Kong Exchanges and Clearing (HKEx) and published on Monday revealed that for the first time in four years, local retail investors were the largest contributors to the stock market's turnover.
According to the HKEx figures, from October 2003 to September 2004, local retail investors accounted for 34% of market turnover, an increase on 2002-03's 30% share.
Meanwhile, the contribution made by overseas institutional investors (traditionally the largest contributors), fell from 35% to 33%.
Local institutional investors were the third most active group, according to the HKEx survey, accounting for 22% of total turnover (down from 28% in 2002-03).
Own-account trading by securities brokers and trading by foreign retail investors accounted for the remainder of the period in question's trades.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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