SOURCE / ECONOMY Shares hammered by city's proposed hike in transaction tax By GT staff reporters Published: Feb 24, 2021 08:28 PM HKEX File Photo Hong Kong Exchanges and Clearing (HKEX), the operator of Hong Kong's stock exchange, on Wednesday revealed record earnings for 2020, in the latest sign of the city's resilience as a global financial hub despite the complicated global environment. However, the stellar data failed to underpin the shares of HKEX, as an unexpected announcement of a local government plan for a 30-percent increase in the city's stamp duty on stocks trading hammered the market. Industry observers have mixed views on the repercussions of the proposed tax hike.