QE3's impact on average daily turnover smaller than expected

October ADT was just flat at HKD52b.

According to Maybank Kim Eng, after the US Fed announced QE3 in mid-September, we expected hot money inflow, and higher average daily turnover (ADT) in the equity market. ADT did rise in late Sept12, but Oct12 ADT was just flat MoM at HKD52b.

The impact of QE3 on ADT seems smaller than expected.

Her's more from Maybank Kim Eng:

Revising up ADT estimates. Our new ADT estimates for Nov/Dec12E is HKD58b, and the implied 4Q12E/FY12E ADT are HKD56b and HKD54b, respectively. For FY13/FY14E we now expected ADT to reach HKD60/65b, higher than our old estimates of HKD55/60b.  

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