Hong Kong-exposed shares underperform as European equities fall

lunes 29 de septiembre de 2014 10:10 GYT
 

* HSBC, Standard Chartered fall as Hong Kong unrest hits markets

* Luxury goods sector also under pressure

* FTSEurofirst 300 falls 0.9 pct

By Sudip Kar-Gupta

LONDON, Sept 29 (Reuters) - Companies exposed to Hong Kong underperformed weaker European stock markets on Monday, as civil unrest in the Asian city hit banks such as HSBC and luxury goods groups such as Richemont.

Hong Kong democracy protesters defied volleys of tear gas and police baton charges to stand firm in the centre of the global financial hub on Monday, in one of the biggest political challenges for Beijing since the Tiananmen Square crackdown 25 years ago.

Banks in Hong Kong, including HSBC, Citigroup , Bank of China, Standard Chartered and DBS, temporarily shut some branches and advised staff to work from home or go to secondary branches.

Standard Chartered fell by 2.3 percent, while HSBC retreated by 2.5 percent, making those two banks among the worst-performing stocks on the broader, pan-European FTSEurofirst 300 index, which was down 0.9 percent at 1,364.06 points.

The luxury goods sector was also impacted by the unrest in Hong Kong, since many of the companies in the sector have targeted a growing affluent Chinese clientele in recent years.   Continuación...