Market Updates
China Stocks Edged Down Amid worries of Higher VAT on Tech Services
Li Chen
04 Feb, 2026
Hong Kong
China stocks traded down, and the possible increase in sales tax covering a wider group of services weighed on the market sentiment.
The Hang Seng Index decreased 0.4%, and the mainland-focused CSI 300 Index inched lower 0.2% as investors turned cautious amid rising tensions in the Middle East.
The latest increase in VAT for wireless telecom services weighed on the market sentiment, and investors feared that the government may increase taxes on digital services, including internet access.
Tensions rose in the Middle East after the U.S. military said it shot down an Iranian drone approaching the U.S. aircraft carrier in the region.
The U.S. is widely believed to be preparing for another round of air strikes targeting Iran's nuclear installations, and military analysts are anticipating attacks as early as this month.
China Indexes and Stocks
The Hang Seng Index decreased 0.4% to 26,724.50, and the mainland-focused CSI 300 Index declined 0.2% to 4,653.32.
Gold and silver prices recovered 3% and extended two-day gains to above 7%, and precious metals last week dropped a historic 10% in Friday's trading.
Zijin Mining Group decreased 0.1% to HK $41.32, and Zijin Gold International dropped 0.4% to HK $216.40.
Crude oil prices rebounded 0.8% to $63.73 a barrel amid rising tensions in the Middle East.
CNOOC gained 1.5% to HK $23.72, China Petroleum and Chemical increased 1.3% to HK $5.40, and PetroChina increased 1.1% to HK $9.07.
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