HSBC, Standard Chartered Extend Losses in Hong Kong on Brexitby
HSBC Holdings Plc and Standard Chartered Plc extended their slump in Hong Kong stock trading on Monday as Britain’s vote to leave the European Union continued to drag on shares of U.K.-domiciled companies.
HSBC, which made about a third of its 2015 revenue in Europe, dropped as much as 2.6 percent after losing 6.6 percent Friday. Its two-day slump on an intraday basis was the largest since March 2009. Standard Chartered fell as much as 2.3 percent, taking its two-day drop to 14 percent.
The city’s benchmark Hang Seng Index lost 0.8 percent as a selloff in riskier assets continued from last week amid uncertainty over Britain’s future. The victory for Brexit tore through world markets on Friday, pummeling the pound and high-yielding assets, with more than $2.5 trillion wiped from global equity values.
HSBC traded 1.4 percent lower as of 10:14 a.m. Hong Kong time, while Standard Chartered lost 0.9 percent.