© Reuters. FILE PHOTO: People walk past a screen displaying the Hang Seng stock index at Central district, in Hong Kong, China October 25, 2022. REUTERS/Lam Yik/File photo
But the region's key financial centre and gateway to the world's second largest economy is a shadow of its former self as foreign investors reduce exposure to a China they view as increasingly isolated by its opaque policies, struggling property sector and crackdowns on private enterprise. Dickie Wong, executive director of research at Kingston Securities, said the stamp-duty cut was in line with expectations.
The HSI hit a 22,700.85 peak in late January and is currently around 17,000. Daily turnover has fallen below HK$80 billion on numerous occasions since the second quarter, halving from an average of HK$160 billion in 2021. Eddie Tam, CIO of Hong Kong-based Central Asset Investments, also reckons funds are not done cutting exposure to China, and foreign investors"are not nearly finished with the selling off of Hong Kong stocks."
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