Hong Kong Stocks Eke Out Gain After $118 Billion Wipeout
Hong Kong Stocks on Shaky Ground After $118 Billion Wipeout
(Bloomberg) -- Hong Kong stocks rose, following Monday’s $118 billion slide, despite protests continuing across the city, including the Central financial district.
The Hang Seng Index closed up 0.5% after tumbling 2.6% on Monday. Citic Ltd. and Tencent Holdings Ltd. led gains. Local developers and landlords slipped after starting the session higher. The Hong Kong dollar was little changed.
Monday’s tumble came after a rally in the city’s shares that had added $530 billion amid a liquidity-fueled surge in global equities. The buying momentum was so strong it had sent the Hang Seng gauge into overbought territory for the first time since April.
Protests have escalated in violence after one student died last week falling from a garage during a police dispersal operation and another was shot by a policeman. Protesters also set a man alight. Monday’s clashes led to about 260 arrests and left nearly 100 people injured.
Demonstrators filled the city’s financial district at lunch time Tuesday after disrupting the morning commute for a second straight day, blocking subway lines and clashing with police.
To contact the reporter on this story: Richard Frost in Hong Kong at rfrost4@bloomberg.net
To contact the editors responsible for this story: Sarah Wells at smcdonald23@bloomberg.net, Philip Glamann
©2019 Bloomberg L.P.