Hong Kong’s tax hike on share trading was a “convenient catalyst” that helped spur a healthy correction for the city’s markets, says Tim Moe from Goldman Sachs.
The government announced in its budget on Wednesday that stamp duty on stock transfers will be raised to 0.13% from 0.1%.
The move sparked a sharp sell-off in the broader markets on Wednesday, but stock prices bounced back partially on Thursday.
The Hang Seng index rose 1.2% on Thursday, after falling about 3% a day earlier. Read more…..
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