Exco will decide fate of market intervention

PUBLISHED : Friday, 28 August, 1998, 12:00am
UPDATED : Friday, 28 August, 1998, 12:00am

The Executive Council would decide whether the Government should continue to intervene in the stock market, member Yang Ti Liang said yesterday.

Mr Yang said the Government would brief members on the intervention and the advisory body would then decide what to do.

'I support the intervention,' he said.

Chief Secretary for Administration Anson Chan Fang On-sang said intervention was intended to stop the economic hardship worsening.

'We're taking action purely to deal with speculative activities . . . we do not wish to see [our economic] pain unnecessarily exacerbated by speculative activities,' she said.

She said economic forecasts for this year were expected to be bad following the worsening of GDP figures for the second quarter, to be announced today.