Hong Kong’s Hang Seng has its worst day in months as violence escalates
Escalating levels of violence and protest in Hong Kong have had a great effect on the stock market, which suffered a drop of more than 2.6% over the past weekend. This is the lowest percentage decline in a single day in over three months. Hong Kong is currently experiencing its first economic recession in over a decade as a result of the ongoing protests. Real estate stocks have suffered the most, and property developers like Sun Hung Kai Properties and New World Development have dropped more than 4% over the past month.
Hong Kong lead the stock market drop in Asia, but China, South Korea, and Japan all experienced declines of 2.8%, 0.6%, and 0.3% respectively following Friday’s remarks made by U.S. President Donald Trump on U.S./China trade relations.