THE Hong Kong stockmarket ended the year with a whimper as volumes shrank to pitiful levels in the final week.
The average daily turnover in the 3.5 trading days after Christmas was $1.36 billion - a low level not seen since the final week of 1992.
'Ridiculous,' said Tai Fook Securities deputy managing director Lennon Chan Wing-luk. 'It is far worse than the normal end-of-year scene.' The Hang Seng Index shed 243.62 points or 2.36 per cent over the week to finish at 10,048.58 - its lowest year-end closing since 1994. In 1997, it ended at 10,722.76 points.
Still, the index gained 27.46 per cent in the fourth quarter and remains up 50.87 per cent from last year's low of 6,660.42 points, reached in August.
HSBC fell $6 to $193 in the week as the market awaited confirmation of rumours the banking giant was to take over First Korea Bank.
On Thursday, after the market closed, it was confirmed that an American investment consortium had beaten HSBC to acquire a majority stake in First Korea.