Blue chips suffer sharp lossesBusiness | 11 Nov 2019 4:09 pm
Hong Kong blue chips suffered heavy losses at the close today after a a brusing session in morning trade.
The benchmark Hang Seng Index gave up 2.62 percent, or 724.59 points.
“We are cautious on the situation” in Hong Kong, Patrik Schowitz, global strategist at JPMorgan Asset Management, said on Bloomberg TV. “It’s not an area where we as global investors and allocators would be looking to take a huge amount of risk.”
Blue chip losses mounted as police shot a 21-year-old youth in the eastern district and also decended on the Central business district and fired teargas at lunchtime crowds and protesters. There were also confrontations at various other locations and soem universities.
AAC Technologies gave up 5.62 percent at HK$48.70.
Insurer AIA Group (1299) lost 3.34 percent at HK$79.65.
Sun Hung Kai Properties shed 4.27 percent at HK$112, while Swire Pacific A (0019) shed 5.74 percent at HK$72.25.
Wharf REIC (1997) was down by 4.41 percent at HK$44.40, New World Development (0017) dropped by 4.35 perccent at HK$11.00, while Hong Kong Exchanges and Clearing (0388) lost 3.07 percent at HK$246.20.