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Hong Kong stocks drop 5 per cent as Beijing pushes security law

Malaysia's Penang has become a popular choice for Hong Kongers. Photo by the FMT. Sketched by the Pan Pacific Agency.

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HONG KONG, May 22, 2020, Reuters. Hong Kong’s Hang Seng Index fell more than 5 per cent on Friday afternoon after China moved to impose new national security legislation on the city, raising fears of a revival of street protests that convulsed the financial hub for much of last year, The Business Times reported.

The benchmark is headed for its largest daily percentage drop since 2015. The property sector sub-index slumped 7 per cent, set for its worst day since 2008.

Earlier, the Hong Kong dollar weakened to 7.7552 against the US dollar, its weakest level since May 5, while interbank interest rates edged up across the curve.

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