civil strife triggered the lead in the hong kong stock market

Civil strife triggered the lead in the Hong Kong stock market

Business

On Wednesday, the Hong Kong share price dropped as continue protests led to an escalation of recent violence that hit investor sentiment. The Hang Seng Index of Hong Kong led the decline in the region, which fell 1.82% to close at 26,571.46 points. The share price of life insurance company AIA plunged to 3.24%. The move was made after political chaos in the city accelerated this week. On Tuesday, Leader Carrie Lam said that demonstrators were selfish as they paralyzed the city. A violent shift took place on Monday in protests that began nearly six months ago. According to Reuters, Kong Wing-cheung, the Senior Superintendent of Hong Kong, on Tuesday, said that the society of Hong Kong had been pushed to the brink of a total collapse.

On Wednesday, a strategist said CNBC that we should not underestimate the fact that some great Chinese companies are listed in Hong Kong. Francis Tan, a UOB Bank investment strategist, said to CNBC’s “Street Signs” that there are lots of mainland stocks if looked at share prices listed on the Hong Kong Stock Exchange. He added that some of them are closely related to domestic consumption stories and he is a fan of it. The major Asian stocks dropped in the afternoon. Investors waited for the lucidity on the first phase of the agreement made between the US and China, which would alleviate some of the tariffs. On the same day, the Chinese mainland stock market was mixed, with the Shanghai Composite Index fell 0.33% to around 2,905.24, while the Shenzhen stock market rose 0.18% to 9,687.85. The Shenzhen Composite Index is roughly flat at about 1,614.30.

Japan’s Nikkei 225 index fell 0.85% to close at 23,319.87 points, while index heavyweight Fast Retailing stocks fell 1.83%. The Topix index also fell 0.55% to close at 1,700.33. The Japanese automaker Nissan’s stock recovered from the previous by 4% slump, but still closed down at 0.5%. The move was made after the company announced that its second-quarter operating income fell about 70% year-on-year. South Korea’s stock market also fell, Kospi fell 0.86% to close at 2,122.45 points. Australia’s S&P / ASX 200 fell 0.81% to close at 6,698.40, while the heavily-weighted financial sub-index fell 1.21%. Overall, the MSCI Asia Ex-Japan Index fell 1.05%.

Arya Harrington

Arya, our senior correspondent for business updates, have worked in the industry for more than a decade as an executive and in other roles. Right now, she focuses on covering business updates that matter to not just the commons but also professionals like investors. She is a great lover of books and is planning on writing the ultimate guide on business analytics.

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