Stocks in Hong Kong led losses regionally among major Asian markets on Tuesday after rating agency Moody’s cut its rating for the city to Aa3 from Aa2 on Monday.
According to Internet Business News Stocks in Hong Kong is going in loss continuously from reliable internet business news source we share this business news.
The Hang Seng index in the city fell 2.67%, as of its final hour of trading, with shares of life insurer AIA plunging beyond 3%.
Chinese tech behemoth Tencent also dropped 2.88%, after the firm’s Chairman Pony Ma reportedly sold $2 billion Hong Kong dollars (approx. $257.31 million) worth of shares, according to Reuters.
The moves came following the rating downgrade from Moody’s on Monday, where the agency also changed its outlook for Hong Kong to stable from negative. The city has been plagued by months of protests that have periodically degenerated into violence, with seemingly no resolution in sight.
