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HSBC shares directionless in Hong Kong

by Paul

Shares of HSBC Holdings lacked direction in Wednesday trading here, torn between jitters about its U.K. assets and expectations for long-term growth.

The British banking giant’s shares moved around the previous day’s close of 58.750 Hong Kong dollars.

Analysts said the shares were held back by worries that the pound’s fall may significantly hit HSBC’s U.K. assets, which include its headquarters.

The pound on Tuesday fell to a 31-year low against the dollar amid fears that Britain may take a tough line in negotiating its exit from the European Union.

However, market insiders remained optimistic about the shares’ longer-term prospects.

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