© Reuters. Hong Kong stocks close: Hang Seng Index turnover falls below 100 billion Hong Kong exempts market maker from stamp duty
Investing.com – On Thursday (19th), the Hong Kong stock market opened lower in the morning and then rebounded and turned up for a while, but fell back again in the afternoon. The Hang Seng Index finally closed slightly lower, and the Hang Seng Technology Index fell 1.65%.
The turnover fell below 100 billion. The turnover of the Hang Seng Index today was 92.597 billion, which was 127.834 billion in the previous trading day. Due to the coming of the Chinese New Year holiday, Nanxia Trading will be closed from January 19th (Thursday, the 28th day of the Chinese New Year) to January 27th (Friday, the sixth day of the Lunar New Year).
As of market close:
- It fell 0.12% to 21650.98 points;
- Up 0.45% to 21,632.5 points;
- fell 1.65% to 4449.91 points;
- It fell 0.38% to 7312.76 points.
Most of the technology stocks fell, and Kuaishou (HK:) led the decline, with a drop of 6.00%. Previously, Su Hua, the chairman of Kuaishou, reduced his holdings of 54.7138 million Class B shares on January 18, and cashed out a total of about 3.778 billion Hong Kong dollars. Kuaishou responded that the proceeds from Suhua’s sale will be used in charitable donations, cutting-edge technology exploration, and infrastructure investment.
Meanwhile, Bilibili (HK:) (NASDAQ:) fell 3.06%, Alibaba (HK:) (NYSE: ) fell 1.67%, and Meituan (HK: ) fell 2.08%.
Mainland real estate and property management stocks rebounded, Country Garden (HK:) rose 4.91%, China Resources Land (HK:) rose 1.84%, Longfor Group (HK:) rose 3.53%; Country Garden Services (HK:) rose 6.62%, Poly Property ( HK:) rose 7.36%, and CIFI Yongsheng Services (HK:) rose 5.19%.
Among individual stocks, Yuehua Entertainment (HK: ) jumped 47.79% on its first day of listing. Lehua Entertainment was established in 2009. The company’s main business includes artist management, music IP production and operation, and pan-entertainment business.
Market news:
Hong Kong exempts market maker from stamp duty and encourages issuance and trading of RMB securities
The Hong Kong Legislative Council passed the “Stamp Duty (Amendment) Bill 2022 (the “Bill”) on Wednesday (18th) to exempt market makers engaged in liquidity supply activities from stamp duty when conducting specific transactions, in order to support the upcoming launch of the Hong Kong Stock Exchange. The “Hong Kong dollar-RMB dual-counter model” and the dual-counter market maker mechanism encourage the issuance and trading of RMB securities in Hong Kong.
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Editor: Liu Chuan
