AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

HONG KONG: Hong Kong's economy remained sluggish in the second quarter amid the ongoing US-China trade dispute, government figures released Wednesday showed, as weeks of civil unrest threatened further headwinds in the financial hub.

Beijing and Washington have already imposed duties on more than $360 billion in two-way trade, roiling global financial markets and weighing heavily on manufacturing output in both countries.

The city's economy grew 0.6 percent in the three months to June, the same rate as the first quarter but down from the 1.2 percent recorded at the end of last year.

"Overall economic performance was subdued," the government's statistics department said in a statement, blaming a 5.4 percent drop in exports and "sluggish" domestic demand.

US officials met their Chinese counterparts in Shanghai on Wednesday in an attempt to resolve the yearlong trade dispute, but talks ended earlier than expected without signs of concrete progress.

The financial hub's chief executive Carrie Lam had earlier warned business leaders that subdued growth was forecast to continue through the end of the year as the trade row continued.

There was "no room for optimism for the second quarter and the entire year", Lam said Wednesday, according to a government statement.

Semi-autonomous Hong Kong has endured more than seven weeks of protests that began with a government bid to introduce a law that would have allowed extraditions to mainland China and have since evolved into a movement for deeper democratic reforms.

Analysts say that the unrest could signal further economic woes in the city.

"Growing discontent with the heavy-handed police response, public backlashes, and the government's seeming inability to address the public's concerns could cause long-lasting damage to business confidence," said Andrew Fennell, director of credit rating agency Fitch.

Copyright AFP (Agence France-Press), 2019
 

Comments

Comments are closed.