Latest news with #RobertLeeWai-wang
South China Morning Post
07-04-2025
- Business
- South China Morning Post
Where does Hang Seng Index's 13% slump rank among other major crashes?
Stock markets rise and fall, but there are days when the plunge defies gravity. The Hang Seng Index slumped 13.2 per cent on Monday, its worst drop in percentage terms since the 1997 Asian financial crisis. However, some brokers are bullish the market will soon find a bottom and rebound as it has done so many times in the past. Advertisement How bad was the slump? The Hang Seng Index sank 13.2 per cent to 19,828.30, but the decline was far worse than those seen in other Asian markets, which slumped between 4 and 8 per cent. While the decline wiped off the benchmark's near 15 per cent gain in the first quarter, the gauge has lost more than 20 per cent from a recent peak, dragging it into a technical bear market. The fall came after China on Friday imposed a tit-for-tat 34 per cent tariff on US goods following US President Donald Trump's 'Liberation Day' package on Tuesday against all its trading partners, including exports from Hong Kong and China to the US. Advertisement 'There was pent up selling pressure after a public holiday on Friday in Hong Kong and mainland China,' said lawmaker Robert Lee Wai-wang, who is also the chairman of Hong Kong-based Grand Finance Group.
South China Morning Post
14-02-2025
- Business
- South China Morning Post
Hongkongers rush to sell, buy gold as precious metal's price hits record high
Many Hong Kong residents are heading to jewellery shops to sell – or buy – gold after the precious metal hit a record-high price this week. Gold has surged more than 10 per cent on the global market this year, reaching a record US$2,942.70 per ounce (28.3 grams) on Tuesday. That is on top of a 26 per cent increase last year – the biggest annual gain in 14 years. The price in Hong Kong has risen in tandem, hitting HK$27,040 per tael (US$3,466 for 37.9 grams) on Tuesday, which is 35 per cent higher than at the beginning of last year. The rise is benefiting jewellery shops. Fook Tai Jewellery Group, which has seven retail shops in Hong Kong, is among those seeing a rush of customers. Most want to sell, but some are looking to buy. Most gold shops in the city accept clients' gold jewellery in exchange for cash or other products. 'Many customers have come to cash in their gold jewellery since May last year,' said Anita Lee, product manager at the company. 'At the same time, there are also many customers, particularly mainland visitors, who are going to get married and are rushing to buy gold jewellery now, as they are worried the price will go up further.' Many people were also buying gold bars and coins in expectation of further price increases, she said. 'Whenever gold prices rise, customers tend to cash in their existing gold jewellery,' said Robert Lee Wai-wang, vice-president of Hong Kong Gold Exchange, the local gold bourse. 'They could make decent earnings if they bought their gold jewellery some years ago.'
South China Morning Post
28-01-2025
- Business
- South China Morning Post
Year of the Snake: gold's ascent to record highs to dampen jewellery sales
Gold jewellery sales are expected to continue to decline in the Year of the Snake, as record-high prices of the precious metal have weakened consumer appetite, according to industry players. Bullion prices in the Year of the Dragon, which ended on Tuesday, jumped 35 per cent to HK$25,6o0 per tael (US$3,282 for 37.9 grams) on last trading day on Monday. International gold prices have been on a tear since last year. Spot gold traded at US$2,772 per ounce on Monday, just shy of an all-time high of US$2,790.07 in October. 'In the Year of the Dragon, gold kept breaking record highs due to geopolitical tensions and interest rate cuts that began in September,' said Robert Lee Wai-wang, a lawmaker and chairman of Hong Kong financial firm Grand Finance Group. Tourists shop for in Hong Kong. Photo: Jelly Tse The Year of the Dragon recorded one of the biggest increases in the price of gold in recent years, after a 6 per cent rise in the preceding Year of the Rabbit and 7 per cent in the Year of the Tiger before that, according to data from Hong Kong Gold Exchange (HKGX).
