Updated at 6.54pm: Tai Fook Securities Group, one of the largest local brokerage firms, announced on Friday it has laid off 53 employees amid the sluggish market conditions.
Taiwanese brokerage firm KGI Asia also axed 25 of its Hong Kong staff on Friday.
Both brokerage firms said the move was to rationalise costs and maintain their competitiveness in the light of continued slowdown in the securities industry.
''The situation is very tough for us, not only for the securities industry, but for the entire economy,'' said KGI Asia director Ben Kwong Man-bun.
''Under current situation, the only way to survive is either to expand revenue or to trim costs. Since we can hardly increase our revenue, therefore we have to cut costs,'' said Mr Kwong.
Tai Fook's staff cut representing about 12 per cent of the company's 400-strong manpower, while KGI Asia's lay-off representing about 7 per cent of the company's 330 local staff.
The fresh wave of layoffs pushed the number of job losses in the securities industry increased to nearly 200 in the past month.