Hong Kong stocks tumbled the most in five years after Beijing proposed security law, China-US tensions escalate

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Hong Kong’s benchmark Hang Seng Index posted the steepest drop in nearly five years after Beijing announced the plan to pass a security law that will curb secession and sedition in the city.

The index slumped 5.6 per cent to close at 22,930 on Friday, its biggest decline since July 2015. All 50 constituents on the gauge dropped, with property developers and banks leading the losses. The index was the worst performer in the Asia-Pacific region, where most equity gauges saw mild losses. China mainland's benchmark Shanghai Composite Index fell 1.9 . . .

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