Daily Outlook

Hong Kong shares fall nearly 1% as China’s National People’s Congress continues

Asia markets rose on Monday as investor sentiment remained resilient despite growing concerns over the U.S.-China relationship, but Hong Kong shares declined.

Australia’s benchmark ASX 200 was up 1.53%, with all sectors trading higher. In Japan, the Nikkei 225 index rose 1.45% while the Topix index was up 1.25%. South Korea’s Kospi gained 0.62%.

Mainland Chinese shares traded mixed: The Shanghai composite gained 0.1%, the Shenzhen composite was down 0.1% and the Shenzhen component was down 0.18%.

In Hong Kong, the Hang Seng index was down 0.95%, extending Friday’s losses of more than 5%.

Asia Pacific markets declined on Friday after China announced a new national security law, which, if implemented, would give Beijing more control over Hong Kong and may incite further pro-democracy protests in the city. The draft measure was announced as China’s National People’s Congress (NPC) — the country’s parliament — kicked off its annual session and will last until May 28.

Markets in Singapore, India and Indonesia were shut due to public holidays.

The U.S. dollar traded at 99.806 against a basket of its peers at 10:04 a.m. HK/SIN versus its previous close at 99.863.

The Japanese yen changed hands at 107.65 per dollar, strengthening from levels near 108 in the previous week. Meanwhile, the Australian dollar traded near flat at $0.6537.

Oil prices reversed losses on Monday during Asian hours as U.S. crude rose 0.57% to $33.44 a barrel.

Hong Kong shares fall nearly 1% as China’s National People’s Congress continues, CNBC, May 25

Article Rating