Hong Kong Stocks Slide Again As Beijing Signals Security Revolution

  • Hong Kong Basic Law change permits Beijing direct security intervention
  • "Knockout blow" for Hong Kong comes as US considers trade downgrade

Gaming stocks in Hong Kong crashed on Friday after China’s National People’s Congress (NPC) moved to enact laws authorising direct intervention in the city’s security affairs.

Macau casino stocks fell steadily throughout the day and were down an average 6.4 percent at 2pm, as the Hang Seng Index lurched downward by 4.9 percent.

Macau’s casino operators were down between 7.6 percent (Wynn Resorts) and 5.6 percent (Galaxy Entertainment Group), while Melco Resorts & Entertainment’s parent company Melco International Development was down 4.7 percent. 

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