Hong Kong stocks dive on stamp duty plan

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Pedestrians walk past a stock market display board showing the losses at Hang Seng Index results in Hong Kong.
Pedestrians walk past a stock market display board showing the losses at Hang Seng Index results in Hong Kong.
Photo by Budrul Chukrut

Hong Kong shares ended with hefty losses Wednesday after the city's finance chief said he would hike stamp duty on equity trade for the first time in almost three decades.

The Hang Seng Index tumbled 2.99%, or 914.40 points, to 29 718.24.

The benchmark Shanghai Composite Index sank 1.99%, or 72.28 points, to 3 564.08, while the Shenzhen Composite Index on China's second exchange dropped 2.03%, or 48.73 points, to 2 347.28.

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