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Hush descends upon Hong Kong trading hall

By Kwong Man-ki (China Daily)
Updated: 2008-05-20 08:57

The Hong Kong stock exchange joined the nation in observing a three-minute silence at 2:28 pm yesterday.

About 2:20 pm, the senior management of Hong Kong Exchanges and Clearing (HKEx), including Chairman Ronald Arculli and Chief Executive Paul Chow, lined up at the trading hall, all of them in black, as a sign of mourning.

In his brief speech to the traders, Chow said: "We hope we will be able to help the earthquake victims overcome their difficulties."

He finished his speech by lowering his head, starting the three-minute silence at the trading hall. A beehive of activity on other days, a strange hush fell upon the hall.

Usually, the afternoon session starts at 2:30 pm. But because of the mourning, it was delayed by a minute yesterday. The securities and derivatives markets also opened as scheduled at 2:31 pm after the ceremony.

"We hope to extend help to the victims, the Hong Kong financial market stands behind them in this difficult hour," said Arculli after the ceremony, his voice choked with emotion.

HKEx donated HK$5 million ($641,017.41) last week soon after the quake struck Sichuan.

Arculli said the company is not planning another donation, but will watch the situation closely.

The benchmark Hang Seng Index rose slightly yesterday, led by coal producer China Shenhua amid high coal prices. The company's shares surged 6.91 percent to HK$36.35 as building and raw material counters attracted buyers on expectations of strong demand after the quake.

The index gained 0.48 percent, or 123.37 points, to close at 25742.23.