Hang Seng Index Drop

The Hang Seng Index fell for a fourth consecutive day

The chatter these days is about the Hang Seng Index plunging to below 17,000 points, the first time in 11 years. It fell for four consecutive days down 6.9 percent to 16,832.36 on Tuesday.

"Hong Kong stocks will continue to be in the doldrums, given the Covid resurgence and policy tightening overseas," said Zhang Yidong, a strategist at Industrial Securities in Shanghai.

"The flare-up in the pandemic and a slumping property market will make it harder for the economy to rebound this time."

But others remember the HSI dropped 50 percent six months after Carrie Lam Cheng Yuet-ngor became chief executive of Hong Kong, from 33,154 to 16,458.

Nevertheless, her predecessor Leung Chun-ying claims to know the reason for the slump -- ignorant foreign investors.

"Not only do they not know [enough about Hong Kong], they have plenty of misunderstandings or superficial knowledge. Or they were misled, because of smearing campaigns by overseas media and politicians about what's really happening in Hong Kong," he said.

Why is he making this a "them-versus-us" thing, when many of the investors are Hongkongers themselves?

It makes zero sense. He makes it seem like only foreigners have money.

Meanwhile for a third straight day, the People's Daily in China continues to proclaim the country will not "lie flat" when it comes to the pandemic, that it is still pursuing zero Covid...

Others have remarked on social media that the HSI has dropped because the patriots are in charge...