Hong Kong Exchanges and Clearing Ltd. (00388.HK) chairman Chow Chung-kong said continuing volatility in world markets was largely to blame for a steep fall in the Hang Seng Index, the Hong Kong Economic Journal reported Tuesday. At midday, Hong Kong stocks were down 2.38 percent on the first trading day of the Year of the Horse. Meanwhile, Chow said he is cautiously optimistic about the global economy this year as the United States trends steadily upward and several European countries are starting to bottom out. Emerging economies such as China are contributing solid growth despite signs of slowing down, he said. Chow called on investors to exercise caution, saying the investment market is likely to face fluctuations, the report said.
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