Riot police detain a protester during a demonstration against Beijing’s national security legislation on May 24.
Buying accelerated as Beijing’s plan to impose a security law on the city sparked an equity crash last week. The top targets of inflows were Chinese state-owned firms.Onshore investors bought the dip in March when the Hang Seng Index fell to its lowest in more than three years. The US is considering a range of sanctions on Chinese officials and businesses in response, as well as whether to declare that the former colony has lost its autonomy from Beijing.
The city’s chief executive, Carrie Lam had said Tuesday that the national security law can bolster business confidence, citing the Hang Seng’s rebound that day. She added that concerns over the law were unwarranted. It’s unclear whether China’s state-directed funds have been involved in recent days’ buying or whether they earmarked any cash to stabilise the market. Such funds have regularly intervened to manage swings in China’s US$7.4 trillion equity market, especially around politically sensitive dates.
The MSCI Hong Kong Index, which unlike the Hang Seng Index doesn’t include mainland firms, has fallen more than 20% in the past 12 months, led by real estate firms.
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