Hong Kong's stock market was weighed down by international sentiment but still performed “in line with expectations,” says John Lee

Hong Kong Stock market has been weighed down by weak international sentiment but is performing “in line with expectations” and has global appeal, the city leader said after its benchmark index fell to a 15-month low.

The Hang Seng Index recovered on Tuesday morning after falling below the 15,000 point mark the previous day.

Chief Executive Officer John Lee Ka-chiu said the market showed no signs of anomalies but pointed to the broader environment of uncertainty around the world.Chief Executive John Lee Ka-chiu says the stock market is performing “in line with expectations.” Photo: Jelly Tse

“High interest rates, complexity in geopolitics, uncertainty in the supply chain and transportation of some goods, and the varying market reactions to changes in the US election [prospects] … have made the market very sensitive,” Lee said before his weekly board meeting.

“Of course, when the market is highly sensitive, we hope that investors pay careful attention to market changes when making decisions,” he added, emphasizing that regulators who closely monitor the markets have found that they are “in line with the Expectations” work.

Lee said the city remains an international financial center full of competitiveness and attractiveness. He added that the company benefits from free flow of capital, transparency, a level playing field and an established regulatory system, all of which demonstrate the health of financial markets.

“Hong Kong is an ideal option for foreign investment despite market pressures”

Lee added that Monday's meeting between Chinese Vice President Han Zheng and HSBC Group Chairman Mark Tucker in Beijing was another sign that the country is supporting the city's efforts to consolidate its position as a global financial center. strongly support.

“With the support of various policies [from Beijing]“In addition to Hong Kong's own advantages, I am confident in our ability to function in the market as a whole,” the chief executive said.

The Hang Seng Index slipped 2.3 percent to 14,961.18 on Monday, falling below the 15,000-point mark, its lowest level since October 2022. However, the benchmark stock market index recovered by 1 at 9:36 a.m. on Tuesday, 1 percent to 15,125.38.