{"id":64528,"date":"2022-10-20T05:03:02","date_gmt":"2022-10-20T05:03:02","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/10\/20\/hong-kong-shares-hit-lowest-level-since-2009\/"},"modified":"2022-10-20T05:03:02","modified_gmt":"2022-10-20T05:03:02","slug":"hong-kong-shares-hit-lowest-level-since-2009","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/10\/20\/hong-kong-shares-hit-lowest-level-since-2009\/","title":{"rendered":"Hong Kong shares hit lowest level since 2009"},"content":{"rendered":"
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Hong Kong stocks fell to their lowest level since the global financial crisis after a major speech by the city’s leader on Wednesday.<\/b><\/p>\n<\/div>\n

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The benchmark Hang Seng index fell more than 3% to its lowest level since May 2009 before regaining some ground.<\/p>\n<\/div>\n

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Investors are also concerned about the risk of a global economic slowdown as central banks around the world hike interest rates to counter rising prices.<\/p>\n<\/div>\n

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A financial expert told the BBC that “panic selling is ridiculous”.<\/p>\n<\/div>\n

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In his first policy address yesterday, Hong Kong Chief Executive John Lee announced measures to increase security and plans to attract more foreign talent to the area.<\/p>\n<\/div>\n

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However, he did not elaborate on economic goals for the city, which has lost ground to competing Asian financial centers like Singapore.<\/p>\n<\/div>\n

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Hong Kong’s economy is currently in a technical recession after experiencing two straight three-month contraction periods this year.<\/p>\n<\/div>\n

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Until recently, the city had some of the strictest coronavirus rules in the world as it followed China’s zero-Covid policy.<\/p>\n<\/div>\n

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“The Hang Seng has hit a 13-year low and nothing is really helping the fragile sentiment,” said Dickie Wong, executive director of Kingston Securities.<\/p>\n<\/div>\n

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“There is also a feeling that tax refunds are not enough to attract foreigners back to Hong Kong,” he added.<\/p>\n<\/div>\n

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    \n
  • Hong Kong refuses to take action against Russian superyacht<\/li>\n
  • Hong Kong is said to attract tourists with 500,000 plane tickets<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    Traders are also concerned by the Hong Kong government’s “unprecedented silence on key economic indicators,” said Kelvin Tay, regional chief investment officer at UBS Global Wealth Management.<\/p>\n<\/div>\n

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    However, Mr Tay added that investors were primarily concerned about “the economic outlook”. [of China] and a spike in Covid cases in the middle of the party congress in Beijing.”<\/p>\n<\/div>\n

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    More than 2,000 delegates gathered in Beijing this week to elect leaders and debate key policies at the Communist Party convention.<\/p>\n<\/div>\n

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    President Xi Jinping is set to be confirmed as party leader for a historic third term on Sunday.<\/p>\n<\/div>\n

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    Other Asia-Pacific stock markets were also down on Thursday, with benchmark stock indices in Japan, South Korea and Australia falling more than 1%.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Hong Kong stocks fell to their lowest level since the global financial crisis after a major speech by the city’s leader on Wednesday. The benchmark Hang Seng index fell more than 3% to its lowest level since May 2009 before regaining some ground. 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