SYDNEY, Australia – Stocks in Asia dipped into the red on Friday as Hong Kong markets shattered in the wake of Beijing’s proposed new security laws for the province.

Hong Kong’s benchmark index, the Hang Seng was down more than 1,300 points (more than 5%) in late trading Friday.

In China, the Shanghai Composite closed down 54.16 points or 1.89% at 2,813.77.

Japan’s Nikkei 225 dropped 164.15 points or 0.80% to 20,388.16.

The Australian All Ordinaries was off 52.20 points or 0.92% to 5,608.70.

On foreign exchange markets, the euro dropped to 1.0914. The British pound tumbled to 1.2176. The Japanese yen rose to 107.36.

The Swiss franc was unchanged at 0.9709.

The Canadian dollar weakened to 1.4028. The Australian dollar dropped half–acent to 0.6516. The New Zealand dollar was softer at 0.6102.

Overnight on Wall Street, the Dow Jones Industrial Average was down 101.78 points or 0.41% at 24,474.12.

The Standard and Poor’s 500 fell 23.10 points or 0.78% to 2,948.51.

The Nasdaq Composite shed 90.90 points or 0.97%, to 9,284.88.