June 22, 2020 / 8:54 AM / 20 days ago

Hong Kong stocks slide on uncertainties around new legislation

* HK->Shanghai Connect daily quota used 3.9%, Shanghai->HK daily quota used 1.6%

* HSI -0.5%, HSCE -1.0%, CSI300 +0.1%

* FTSE China A50 -0.5%

SHANGHAI, June 22 (Reuters) - Hong Kong stocks ended lower on Monday as investors were wary after details of a new security law for the territory showed Beijing will have overarching powers on its enforcement.

** At the close of trade, the Hang Seng index was down 132.55 points or 0.54% at 24,511.34. The Hang Seng China Enterprises index fell 0.96% to 9,879.02.

** The sub-index of the Hang Seng tracking energy shares dipped 1.5%, while the IT sector rose 0.43%, the financial sector ended 0.51% lower and the property sector dipped 1.37%.

** The top gainer on the Hang Seng was Hong Kong Exchanges and Clearing Ltd, which gained 3.73%, while the biggest loser was Galaxy Entertainment Group Ltd, which fell 3.68%.

** China will have overarching powers over the enforcement of a new national security law in Hong Kong, according to details released on Saturday that signalled the deepest change to the city’s way of life since it returned to Chinese rule in 1997.

** China is confident of Hong Kong’s future as an international financial center, and will support its growth, a senior Chinese regulator said on Monday, amid uncertainties cast by China’s proposed new security law for the city.

** U.S. Secretary of State Mike Pompeo said on Friday the United States would in future treat Hong Kong as a Chinese city rather than an autonomous one to the extent that China treats the territory as a Chinese city.

** China’s main Shanghai Composite index closed down 0.08% at 2,965.27 points, while the blue-chip CSI300 index ended up 0.08%.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.07%, while Japan’s Nikkei index closed down 0.18%.

** The yuan was quoted at 7.0772 per U.S. dollar at 08:25 GMT, 0.1% weaker than the previous close of 7.0703. (Reporting by the Shanghai Newsroom; Editing by Anil D’Silva)

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