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Thursday, June 04, 2020, 18:15
HK shares edge up as HSBC, StanChart back security law
By China Daily and agencies
Thursday, June 04, 2020, 18:15 By China Daily and agencies

BEIJING - Hong Kong stocks edged up on Thursday after two major British banks backed the proposed national security law for the city, easing concerns over the law's impact on the local business community.

At the close of trade, the Hang Seng Index was up 40.68 points, or 0.17 percent, at 24,366.30

At the close of trade, the Hang Seng Index was up 40.68 points, or 0.17 percent, at 24,366.30. The Hang Seng China Enterprises index was steady at 9,967.93.

ALSO READ: HSBC, Jardines back proposed security law for HKSAR

The sub-index of the Hang Seng tracking energy shares dipped 3.3 percent, while the IT sector rose 1.25 percent, the financial sector ended 0.4 percent higher and the property sector dipped 0.38 percent.

HSBC shares closed 1.83 percent higher, having gained as much 2.8 percent earlier. StanChart jumped 4.27 percent.

In a break from their usual policy of political neutrality, both banks on Wednesday backed the national security law.

READ MORE: HSBC, StanChart slide after halting dividends at BOE request

The Global Times, which is published by the People’s Daily, said, citing a Chinese expert, that HSBC’s move should have come earlier, but can also be seen as “never too late”.

HSBC was caught up in Hong Kong’s months-long anti-government protests that started in 2019, with its branches vandalized and bronze lion statues outside its headquarters defaced during a protest march at the start of this year.

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