Hong Kong Exchanges and Clearing announced disappointing first half results last week, and warned that as a result of the continuing uncertainty in the global markets, second half earnings are coming under pressure as well.
Reporting on the results, the Hong Kong Standard revealed that net profit in the first half of this year fell by 21% to HK$290 million, surpassing market expectations, which predicted a contraction in earnings of between 10% and 17% this year.
Speaking following the release of the results, HKEx Chief Executive, Kwong Ki-chi announced that: 'The operating outlook for the rest of the year depends critically on market sentiments. It will be a very challenging environment due to the uncertain economic outlook, both locally and globally.'
However, he expressed hope that various new initiatives, for example the recent strategic alliance between the Hong Kong bourse and the London Stock Exchange will bear fruit in the short- to medium-term.
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