The announcement sent shares in Hong Kong Exchanges and Clearing (HKEX) down 11%, the biggest one-day fall since October 2008. Its shares closed down 8.8% at HK$509.
HONG KONG: Hong Kong said on Wednesday it would increase the tax on stock trading in the global financial hub, sending shares in the city's stock exchange operator tumbling, even as it posted record profits due to high trading volumes.
The stamp duty on stock trading will rise to 0.13% of the value of the transaction from the current 0.1% on Aug. 1, Hong Kong Financial Secretary Paul Chan announced in his annual budget speech, as the government sought to boost revenues, which have been hit by the COVID-19 pandemic.
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