HKEX posts first quarterly profit decline in over 2 years as Hong Kong market cools
Hong Kong Exchanges and Clearing (HKEX), the operator of Asia’s third-largest stock market, has reported its first year-on-year decline in quarterly profit in over two years amid a slowdown in market turnover, with profits falling 10 percent compared to the previous quarter. Net profit for the three months to September fell 1 per cent year on year to HK$4.859 billion (US$620 million), or HK$3.84…
Hong Kong Exchanges and Clearing (HKEX), a key player in Asia's stock markets, disclosed a first quarterly profit decline in over two years due to a slowdown in trading activity. Profits dropped by 10 percent from the prior quarter, falling 1 percent year-on-year to HK$4.859 billion (US$620 million), or HK$3.84 per share. Despite falling short of analysts' estimates of HK$4.7 billion, this marked the exchange operator's first year-on-year profit drop in 10 quarters.
HKEX's overall profit for the first three quarters reached a record high of HK$15.4 billion, up 15 percent year-on-year, meeting market expectations of the same amount. Exchange CEO Bonnie Chan Yiting expressed confidence in the long-term growth of Hong Kong's markets, stating their commitment to building a more diverse multi-asset ecosystem amid macro uncertainties.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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