Hong Kong to raise stamp duty on stock trading for first time since 1993, bourse's stock tumbles despite record profit

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Hong Kong will raise its stamp duty on stock trading for the first time in nearly three decades as the city experiences a widening budget deficit, sending shares of the world’s most valuable exchange operator tumbling despite its third record year of profits.

Financial Secretary Paul Chan Mo-po announced that stamp duty on stock transactions will be increased by 30 per cent to 0.13 per cent from the current 0.1 per cent, the first raise since 1993, in his budget speech on Wednesday.

“The government will spare no efforts in introducing . . .

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