Prudential share price slips as Hong Kong wealth scrutiny clouds Asia growth
Prudential plc shares slipped on Friday, underperforming a nearly flat FTSE 100 as investors kept their focus on Beijing’s tighter oversight of offshore wealth flows. The latest delayed quote put the stock at 1,002.5 pence, down 0.7%, after trading between 997.2 pence and 1,009.5 pence. The FTSE 100 was 0.05% lower in earlier trading. The daily move was small. The underlying concern is not. Reuters Breakingviews said on Thursday that Prudential and rival AIA remained about 10% below their levels before capital-control fears intensified in early June. Banks and insurers could face slower business if mainland customers must provide fuller evidence of where their money came from. Hong Kong Financial Secretary Paul Chan said compliant channels could “inspire the confidence”