Analysis-China holds the key to Hong Kong's shrinking stock market

© 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."

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Analysis: China holds the key to Hong Kong's shrinking stock marketHong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects.
Source: Reuters - 🏆 2. / 97 Read more »

Hong Kong Cuts Housing, Stock-Market Taxes in Bid to Boost Global Standing -- UpdateBy Ben Otto Hong Kong will cut taxes on home purchases and stock trades, part of efforts to revive its credentials as a financial hub and boost a struggling...
Source: MarketWatch - 🏆 3. / 97 Read more »