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Hong Kong stocks rise despite losses for tech firms on tax concerns
Baidu, Kuaishou among internet stocks losing ground amid rumours regulators may adjust value-added taxes on the sector
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Hong Kong stocks rose on Tuesday amid stabilising risk sentiment, but losses in technology shares capped the upside amid market chatter that Chinese authorities may target financial and internet value-added services for tax-rate adjustments.
The Hang Seng Index climbed 0.2 per cent to 26,834.77 at the close of trading, after rising as much as 1.3 per cent earlier. The Hang Seng Tech Index fell 1.1 per cent. On the mainland, the CSI 300 Index gained 1.2 per cent and the Shanghai Composite Index added 1.3 per cent.
Blind-box toymaker Pop Mart International jumped 2.3 per cent to HK$231.60, while online travel-booking agency Trip.com rose 1.5 per cent to HK$484.80. Lender HSBC Holdings advanced 3.1 per cent to HK$138.90, and gold miner Zijin Mining Group gained 4.6 per cent to HK$41.36.
Technology giants took losses amid rumours that Chinese regulators may adjust the value-added tax on the internet sector, after raising the rate on the telecoms sector over the weekend. Search-engine firm Baidu dropped 3.6 per cent to HK$141.40, short-video sharing platform Kuaishou Technology slid 4.6 per cent to HK$73.45 and smartphone and car maker Xiaomi fell 1.3 per cent to HK$34.60.
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