Sector movers: Tensions in HK weigh on financials

Financial stocks were the Achilles Heel of the market on the first day of the week following reports that the authorities in Hong Kong had used "brutal force", including tear-gas and pepper spray, to quell pro-democracy protesters in the ex-British colony.The protestors had gathered in Hong Kong to rally against changes to the political system that allow direct elections, but only from a pool of candidates approved by Beijing.In an ironic tone Jasper Lawler from CMC commented to clients that "Protestors in Hong Kong are clearly aiming for the kind of representative elections that can be found in the UK, which offers a choice between two Eton graduates."Nonetheless, longer-term investors are worried about the prospect for heightened geopolitical tensions globally as the international system transitions to more of a multi-polar world, to which one might perhaps add the unfavourable backdrop of a slowing Chinese economy.Hence, Standard Chartered and HSBC Holdings led the downside amid those tense protests in Hong Kong.Emerging markets focused asset manager Aberdeen was also in the red after Canaccord Genuity reiterated its 'hold' on stock and cut its target price from 460p to 430p. The analysts took their decision despite the 3% rise in assets under management (AuM) seen over the two months ending on 31 August.The Canadian broker highlighted the fact that markets had remained volatile in September despite the recent stabilisation in flows, with the MSCI emerging markets index down 7% in September.Retailers continued to be a sore sport for the market, with shares of WM Morrison leading the supermarkets lower after their rival and discount retailer Aldi delivered an impressive set of 2013 results.It came as the Financial Conduct Authority revealed a former executive at Morrison has been charged with insider dealing related to trading in Ocado shares between February and May 2013.A former executive at WM Morrison has been charged with insider dealing, the Financial Conduct Authority (FCA) revealed on Monday.The UK watchdog has charged Paul Gerard Coyle, former treasurer and head of tax at the supermarket, with two offences of insider dealing.