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Financials

Hong Kong exchange’s Q3 profits down 30% on lower trading volume

Oct 19 (Reuters) - Hong Kong’s bourse operator on Wednesday reported a 30% drop in third quarter profits as rising rates, inflationary pressure and geopolitical tensions hurt fees generated from trading and listing activities.

The profit attributable of Hong Kong Exchanges and Clearing Ltd (HKEX) in the third quarter slumped to HK$2.26 billion from HK$3.25 billion the same period last year.

Revenue of the bourse in the quarter dropped by 23% from HK$5.31 billion to HK$3.94 billion, dragged down by weaker cash market turnover due to lower market liquidity and sluggish trading. (Reporting by Sameer Manekar Editing by Shri Navaratnam)

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