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What was behind the Hong Kong stock market rise ahead of Carrie Lam’s withdrawal of the extradition bill?
- Many hours before Carrie Lam appeared on TV, and well before reports that the bill’s withdrawal was imminent, the Hang Seng Index had begun to rise
- Did anyone trade on the information before the mainstream press reported it? It would have been magical for the market to go up on no news
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Why you can trust SCMP
The Hong Kong government’s change of policy to withdraw the fugitive offenders bill last week was a U-turn – a brave one.
Of course, the announcement came far too late and it doesn’t go nearly far enough; that is the nature of these things. But it is one step towards much-needed changes in Hong Kong’s government. Reform will have to continue if the 2 million who marched in June are not to march again in future – that would be a lot more dangerous to Hong Kong’s economy than a few smashed-up MTR ticket machines.
Nevertheless, the rioters who ransacked the stations were out of control and out of order, and get no support from those who marched against the extradition bill on June 16. They are the very people who should be smart enough to filter out the fake news that people died at the hands of the police.
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Instead, they have sought to destroy their own home. This is not demonstrating for freedom but mindless retribution and vandalism – just because you can do it.
The protesters’ five demands were always going to be an impossible goal as a package. No government could agree to all; but reform is a marathon not a sprint, and demands will come and go with the seasons, some blossoming and others withering.
This is a transition time for Hong Kong in many ways. We have crossed the line that has turned genuine protesters into thuggish rioters performing criminal acts.
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