Hong Kong stocks led losses in Asia on Wednesday, snapping its longest winning streak in two months, amid strong protest concerning the contentious China extradition law.
The benchmark Hang Seng index fell 1.73 percent, or 480 points, to close at 27,308.46, halting its four-day rally recovery after being one of the worst performing major indices in the world in May.
The sunny optical Technology group landed 6.1% after Citigroup lowered the target price of sunny, citing the dangers of the US ban on Huawei Technologies Company.
Tens of thousands of protesters clashed with police on Wednesday as they reject a proposed bill to allow fugitives to be handed over to authorities in mainland China.
On the other hand, Hong Kong's dollar rose about 0.16 percent at 0.1278, as of 09:38 GMT, witnessing its highest level this year, after the one-month interest rate climbed 29 basis points to nearly 2.42 percent, the highest rate since 2008.
The dollar index, which tracks the green currency’s
performance versus six major currencies, erased its earlier losses when it
tumbled to a low of 96.53 to trade slightly higher at 96.72.