(Adds hiring of Paul Kennedy, trading figures)
HONG KONG, May 8 (Reuters) - Hong Kong Exchanges & Clearing
Ltd, Asia's largest stock exchange by market value,
reported a slight gain in first-quarter net profit, beating
analysts' expectations with results that were boosted by an
uptick in trading volume.
The exchange, world's second largest by value, also
announced the appointment of Paul Kennedy as Chief Financial
Officer, a position vacant since earlier this year. Kennedy has
previously worked at KPMG, Hong Kong's Securities and Futures
Commission and HSBC .
The first-quarter net profit of HK$1.2 billion ($154.64
million) was 1 percent higher than a year ago, and was above the
average estimate of HK$932 million net income among nine
analysts polled by Reuters.
Turnover in shares traded on the exchange rose in
January-March to HK$74.4 billion from HK$63.2 billion a year
earlier. The average daily volume of derivatives, stock options
and metals contracts all rose from the previous year.
That helped offset a drop in listing fees as Hong Kong's IPO
issuance has plunged in the last year.
In December, the HKEx completed its purchase of the London
Metal Exchange, an historic deal for Hong Kong that allowed it
to expand into commodity trading from its traditional strength
In the first quarter of 2013, average daily volume was
666,914 lots, an increase of 5 percent from the corresponding
period last year, the company said. March 2013 was the second
busiest month on record, with an average of 697,753 lots traded
per day. Among the various products, aluminium, the LME's
largest contract, experienced a volume growth of 8 per cent,
according to the HKEx.
($1 = 7.7602 Hong Kong dollars)
(Reporting by Michael Flaherty; Editing by Daniel Magnowski)