A survey conducted by the Exchange in January 1999 found that 16 per cent of the Hong Kong adult population were stock investors - defined as those who held or had traded listed stocks during the previous 12 months, while 13 per cent were shareowners. The proportion of stock investors has remained unchanged since September 1997 despite bearish market sentiment. However, trading frequency declined as investors made an average of three transactions in the past 12 months, compared with ten in 1997.
A typical Hong Kong retail stock investor is a 40 year-old white collar worker with secondary or higher education, and a monthly income of about $17,500. The proportion of female investors has increased gradually during the past 10 years, reaching 48 per cent in 1999 from 33 per cent in 1989. Stock investors are generally better educated and more likely to be employed in a professional occupation than nonstock investors. The survey found that 28 per cent of stock investors had received teliiary education compared with 14 per cent of non-stock investors; and 19 per cent of stock investors were professionals, executives, proprietors or traders, compared with 6 per cent for non-stock investors.
The Exchange has conducted periodic retail investor surveys since 1989 to study retail participation in the stock market. In the current survey, it interviewed 2,154 adults by telephone to ascertain the percentage of retail participation in the stock market, the investor profile and trading frequency.
The Exchange conducts a full-scale survey every three years. The last survey was in 1997. This latest survey was in the nature of an interim survey to determine current degree of investor participation.
Corporate Communications Department