Surplus for exchange

THE Stock Exchange of Hong Kong reported a 24.1 per cent surplus after taxation to $65.2 million for the six months ended December 31, from $52.5 million a year earlier.

Turnover was up 48 per cent to $294.5 million from $198.8 million.

Transfers to the Unified Exchange Compensation Fund more than doubled to $59.9 million from $22 million.

The stock exchange disagreed with a proposal by the Securities and Futures Commission to reduce the transaction levy by 40 per cent, claiming it needed capital to build up its reserves and finance expansion.