HONG KONG: Hong Kong stocks appear well supported at current levels despite worsening violence and citywide shutdowns over the three-day weekend.
The MSCI Hong Kong Index was up 0.5% at 14,287.88 at 10.34am local time, with Hong Kong Exchanges & Clearing Ltd and Hang Seng Bank Ltd among the leading gainers. The gauge has repeatedly found support around the 14,200 level since the protests began in the summer.
Violence swept the city on Friday after the local administration invoked an emergency law to ban face masks, with a number of banks, businesses and railway stations damaged. A teenager was shot and wounded by police, while the MTR Corp suspended all train services on Saturday. The railway operator was down 0.6% on Tuesday, poised for its lowest close since February.
Visitor arrivals plunged 50% during the Oct 1-6 National Day holiday period from a year earlier, according to the city’s leader Carrie Lam. She said the government will offer support to industries affected by the protests and called for developers and store owners to provide relief measures, during a regular news conference Tuesday.