DBS Vickers trims HKEx forecasts

DBS Vickers trims HK Exchanges & Clearing (0388) FY01 earnings forecast by 6% and FY02's by 16% to reflect lower market turnover and reduced interest income from falling rates. DBS adds "prolonged uncertain environment" may continue to discourage listings or other fund raising exercises. DBD downgrades HKEx to neutral from outperform with target price lowered to HK$10.0 from HK$10.50

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