Apprehension over capital outflows triggered by escalating political unrest has ...
HONG KONG - Apprehension over capital outflows triggered by escalating political unrest has driven Hong Kong’s stock market to its lowest this year and pressured its currency, with analysts warning of more weakness.
It has fallen over 8% since June 12, when street clashes escalated between anti-government demonstrators and the police. Concerns over China’s slowdown, as the Sino-U.S. trade war remains unresolved, have also dragged on Hong Kong’s economy. The Hang Seng is Asia’s second-worst performer after South Korea’s this quarter., pegged to the greenback at 7.75-7.85, was trading at 7.8465.
Hong Kong leader Carrie Lam pleaded on Tuesday for a stop to the protests, having warned of an economic “tsunami” engulfing the city last week.“Dropping the ‘T’ word is particularly disturbing as it does suggest a more aggressive mainland response, which triggered a wave of risk aversion across global markets,” said Stephen Innes, managing partner at VM Markets in Singapore, referring to Beijing’s response.
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