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SOURCE / ECONOMY
Shares hammered by city s proposed hike in transaction tax By GT staff reporters Published: Feb 24, 2021 08:28 PM
HKEX File Photo
Hong Kong Exchanges and Clearing (HKEX), the operator of Hong Kong s stock exchange, on Wednesday revealed record earnings for 2020, in the latest sign of the city s resilience as a global financial hub despite the complicated global environment.
However, the stellar data failed to underpin the shares of HKEX, as an unexpected announcement of a local government plan for a 30-percent increase in the city s stamp duty on stocks trading hammered the market. Industry observers have mixed views on the repercussions of the proposed tax hike.
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