HK Stock Market Move | The geopolitical situation in the Middle East continues to remain tense. STANCHART (02888) and HSBC HOLDINGS (0005) both fell more than 3%.

Hong Kong bank stocks fell again, as of the time of writing, STANCHART (02888) fell by 3.17% to 167.9 Hong Kong dollars; HSBC HOLDINGS (00005) fell by 3.03% to 125 Hong Kong dollars. On the news front, the current geopolitical situation in the Middle East continues to be tense. It has been reported that several global banks, including HSBC and Standard Chartered, have notified some Middle Eastern clients that several transactions involving ACR HOLDINGS' balance sheet will be put on hold. Sources familiar with the matter indicated that as the regional conflict escalates, many bank officials privately stated that they are reassessing their expansion plans in the Persian Gulf and carefully weighing a series of risks arising from the Middle East conflict. According to analysts from JPMorgan, HSBC and Standard Chartered are the European banks with the largest exposure to Middle East risks, with the region contributing 4% and 12% of their pre-tax profits respectively.