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Stock impact report

WRAPUP 5-Hong Kong protest moves peacefully to mob-attack subway [Reuters (UK)]

BANK OF EAST ASIA S/ADR (BKEAY) 
Company Research Source: Reuters
Hong Kong protest moves peacefully to mob-attack subway - Reuters 6 Min Read HONG KONG (Reuters) - A major bank warned on Wednesday that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself as hundreds of demonstrators held a sit-in at the subway site of a midsummer mob attack. Hong Kong-based Bank of East Asia Ltd (BEA) posted a 75% slump in first-half net profit after it wrote down loans in China because of a downturn in commercial property markets outside China’s top cities. It also warned that social unrest in Hong Kong and a trade dispute between China and the United States could affect the economies of China and the former British colony. “The tense atmosphere (in Hong Kong) is likely to weigh on consumer and business confidence, and on inbound tourism, if there is no resolution soon,” it said in a statement. Some Hong Kong companies have been dragged into controversy after 11 weeks of sometimes violent clashes between police Show less Read more
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