Hong Kong's first trading tax hike since 1993 pummels stocks


File photo of a pedestrian walking past a stock ticker at the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong. - Bloomberg

HONG KONG (Bloomberg): Hong Kong unveiled its first stamp-duty increase on stock trades since 1993, sparking a broad selloff in the US$7.6 trillion market.

The planned trading-tax increase to 0.13 per cent from 0.10 per cent was part of a raft of new measures announced in Hong Kong’s budget that included increased spending to help residents weather the pandemic.

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Hong Kong , trading tax , hike , stock

   

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