Hong Kong’s stock market has been affected by the recent protests. Its currency has strongly taken a toll for the bad in the last three weeks. The benchmark Hang Seng Index sank 1.9 pc to 23,229.2 at the close of the stock market in Hong Kong. This loss is registered as the biggest since September the 10th, ever to affect Hong Kong stock market. Tai Hui, chief Asia market strategist at JP Morgan Asset Management stated the following: “In terms of sentiment the market is likely to remain very cautious […] this is a very unusual situation for Hong Kong. In the short term there’s going to be shock to the markets but it’s still more important to look at aspects such as fundamentals and valuations.”
Pro-democracy protesters promised to continue with the demonstrations unless Hong Kong’s top official resigns. Thousands of protesters remained near the government office in Hong Kong, even after the violent struggles which completely blocked the center of the city ended. Hong Kong has not been the witness of such violent protests for years. Hong Kong police had to use tear gas and pepper spray in order to calm down the aggressive protesters. The government in Beijing is displeased by the consequences of these protests. The riots took a toll on the businesses taking place in Asia’s major financial center. The governor has asked the protesters, who are mostly students to cease the protest peacefully. The protests have strongly affected Hong Kong’s image of a safe financial oasis.
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The protesters chose not to listen to the governor and camped outside the Hong Kong government headquarters. The student-led protest got the name “Umbrella Revolution” because its demonstrators used umbrellas, plastic bags and other such improvised defense instruments. Earlier today, negotiations were initiated with the protesters. An officer asked them to clear the way, so traffic could commence. In return, a protester said they would do so, only if Leung Chun-ying, Hong Kong Chief Executive would make sure the voters have a genuine democratic choice for voting, instead of being able to vote for someone pre-approved by the Chinese government. China has declared the protest illegal and allowed the Hong Kong government to act accordingly.