2014.09.0202:29:54UTC+00Hong Kong stocks set to reach lowest in three weeks

Hong Kong stocks dropped in the trade with the benchmark index of the city poised to reach its lowest level in three weeks dragged by energy and banks.

The Hang Seng Index shed 0.6% to 24,613.83 in Hong Kong. The trend of the gauge is showing that it will be declining to a low last seen August of this year. Meanwhile, the H-share Index or the Hang Seng China Enterprises Index is also down with a 1.1% loss to 10,839.40.

PetroChina Co., Bank of China Ltd., China Modern Dairy Holdings Ltd., and Tianhe Chemicals all plummeted losing 1.8%, 1.4%, 2.1% and 4.9% respectively.

Research director at Christfund Securities Ltd., Simon Lam, commented to Bloomberg that the sentiments of investor is currently not in good territory right now due to people’s concern on the political debate in Hong kong. Lam adds that the happenings might affect the atmosphere for a short-term.

Protests were held in the city in the previous day after China’s plans to put limits on democracy in Hong Kong was released. The ongoing geopolitical tension in Ukraine also adds further weight on the markets.