HSBC tanks to the lowest level since 2009

9:02 AM 22 May 2020

The banking sector has been struggling recently amid record low global interest rates and banking stocks trailed the global stock market rally. For the HSBC (HSBA.UK) it is a double trouble as the bank has large exposure to Asia – nearly 50% of revenues came from this region in 2019. Tougher China stance on Hong Kong spoiled market moods on Friday and businesses with significant exposure to the region are particularly hit. As a result the stock fell to the lowest level since 2009, more than 50% from a 2018 high.

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