Asian shares fell on Friday as investors awaited a news conference about China by US President Donald Trump later in the day.
Trump said the US would terminate its relationship with the WHO over its handling of the COVID-19 outbreak in China and would begin the process of withdrawing special trade benefits for Hong Kong because of the Chinese government’s imposition of a new security law in the semi-autonomous territory.
His announcements came after markets closed in Asia.
Benchmarks declined in Hong Kong, Tokyo and Sydney, but rose in Shanghai.
The Chinese National People’s Congress on Thursday approved a national security law aimed at suppressing “secessionist and subversive” activity in Hong Kong, overriding any potential opposition by local lawmakers.
“The concerns are that this escalates over the course of the summer,” Prudential Financial Inc chief market strategist Quincy Krosby said. “It’s like lighting a match.”
Hong Kong stocks fell on Friday to end the month lower amid the tensions. At the close of trade, the Hang Seng Index (HSI) was down 171.29 points, or 0.74 percent, at 22,961.47. The Hang Seng China Enterprises (HSCE) index rose 0.1 percent to 9,561.03.
For the week, the HSI was up 0.1 percent, while the HSCE gained 1.4 percent. For the month, the HSI shed 6.8 percent, while the HSCE lost 4.8 percent.
The Hong Kong government warned Washington that withdrawing its special US status, which has underpinned the territory as a global financial hub, could be a “double-edged sword” and urged the US to stop interfering in internal affairs.
In Taipei on Friday, the TAIEX fell 0.02 percent to 10,942.16, up 1.2 percent for the week.
Japan’s Nikkei 225 index on Friday fell 0.2 percent to 21,877.89, but still rose 7.3 percent for the week.
Australia’s S&P/ASX 200 on Friday lost 1.6 percent to 5,755.70, paring its weekly gain to 4.7 percent.
South Korea’s KOSPI on Friday added 0.05 percent to 2,029.60, up 3 percent for the week.
India’s NIFTY 50 on Friday rose 1 percent, up 6 percent for the week.
The Kuala Lumpur Stock Index on Friday added 1 percent, carrying its weekly gains to 2.6 percent.
Additional reporting by staff writer
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