Japan's Nikkei gains, but Hong Kong's Hang Seng extends fall as crowds return to streets to protest crackdown bill by China.
Financial markets in Singapore, Malaysia, India, Indonesia and the Philippines were closed for a public holiday.Meanwhile, shares in Hong Kong decline for third day. As per reports, thousands participated in Sunday's protests after China formally proposed new national security laws on Friday during the opening session of the National People's Congress. Government departments in Hong Kong reportedly rallied behind Beijing's plans on Monday.
China announced a new national security law, which, if implemented, would give Beijing more control over Hong Kong and may incite further pro-democracy protests in the city.
China's announcement also drew criticism from US officials. White House national security advisor Robert O'Brien has reportedly said on Sunday that if Beijing goes ahead with implementing the controversial law, the U.S. government will likely impose sanctions on China. Two US Senators proposed sanctions on entities enforcing the law and the U.S. Commerce Department added 33 Chinese companies and institutions to a blacklist on Friday.
Chinese Foreign Minister Wang Yi warned that the US was potentially pushing toward 'a new Cold War' with China, reports added.
Shares in the U.S. ended mixed on Friday, as investors gauged China-US tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus.
US markets are closed Monday for the Memorial Day holiday.
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