# telecom VAT

Precious‑metals Rout and Telecom Tax Hike Drag Hong Kong Stocks; Hang Seng Tech Falls 3.4%

Hong Kong markets slipped as a sharp drop in gold and silver hammered miners and a VAT increase on telecom value‑added services pressured the three major operators. The Hang Seng fell 2.23% and the tech‑heavy Hang Seng TECH lost 3.36%, with notable declines across chips, autos and precious‑metals stocks.