China stocks rally after stamp tax cut

    By Dong Zhixin (chinadaily.com.cn)
    Updated: 2008-04-24 11:16


    Investors look at an electronic board showing stock information at a brokerage house in Southwest China's Chongqing Municipality Wednesday April 23, 2008. The stamp tax on stock trading was cut to 0.1 percent from the current 0.3 percent starting from Thursday, the China Central Television (CCTV) reported wednesday night. [Xinhua]
    China's stock market jumped eight percent on Thursday after an overnight cut in the stamp tax on stock trading.

    The Ministry of Finance and the State Administration of Tax slashed investors’ trading cost to 0.1 percent from 0.3 percent starting from Thursday in the latest official attempt to revive the market.

    At the long-awaited news, investors went into a buying spree, pushing the benchmark Shanghai Composite Index to open 7.98 percent higher at 3,539 points. More than 80 stocks jumped their daily limit of 10 percent at opening.

    The new tax move came after the country's stock market has fallen nearly 50 percent from its peak since mid-October in the face of a mixture of factors, including the over-valuation of shares, tight monetary policies, and concerns over the economy and corporate earnings due to a global economic slowdown.

    Coupled with the declines was plummeting investor confidence, as evidenced by the lackluster sales of once red-hot investment funds. That prompted more and more financial experts to join the chorus for regulators to act.

    At an executive meeting of the State Council chaired by Premier Wen Jiabao on Tuesday, decision makers decided to push forward the healthy development of the country's capital market, according to the CCTV.

    The reduction in trading cost followed new trading rules announced during the weekend that ordered the selling of big amount of shares to be conducted on a bloc trading system.

    Intended to relieve the selling-pressure on the market, the rules, however, failed to put much faith into jittery investors who turned to profit-taking after an immediate rebound.

    The benchmark Shanghai Composite Index (SCI) tumbled more than four percent on Tuesday to fall below 3,000 points, the lowest level in 13 months, before rallying to positive territory. The gauge jumped 4.15 percent on Wednesday.

    The tax move came 11 months after the trading cost was tripled to 0.3 percent to take the steam out of a spectacular bull run that saw the SCI more than quadrupled in less than two years.

    Also on Wednesday at its executive meeting, the State Council deliberated and approved in principle two securities-related draft regulations to promote the healthy and stable development of the equity market -- 0ne about supervision of securities companies and another about risks disposition of securities companies. The two regulations will be implemented after further revisions.



    Top China News  
    Today's Top News  
    Most Commented/Read Stories in 48 Hours
    日本中文字幕一区二区有码在线| 一本色道无码不卡在线观看| 中文人妻无码一区二区三区 | 黑人无码精品又粗又大又长 | 无码人妻一区二区三区兔费| 中文字幕高清在线| 毛片一区二区三区无码| 亚洲va无码专区国产乱码| 天堂中文字幕在线| 无码AV中文字幕久久专区| 国产仑乱无码内谢| 人妻无码一区二区三区AV| 日韩av无码中文无码电影| 亚洲色成人中文字幕网站| 无码AV动漫精品一区二区免费| 人妻无码一区二区不卡无码av| 中文字幕有码无码AV| 中文字幕国产91| 最近中文字幕高清免费中文字幕mv | 国产亚洲精品a在线无码| 亚洲AV无码一区二区二三区软件| 中文字幕一二区| 久久久中文字幕| 色欲综合久久中文字幕网| 亚洲精品欧美精品中文字幕| 国产精品无码国模私拍视频| 狠狠躁天天躁无码中文字幕| 无码精品人妻一区二区三区免费看| 久久午夜夜伦鲁鲁片免费无码影视| 天堂а√中文在线| 韩国三级中文字幕hd久久精品| 天堂新版8中文在线8| 日韩中文字幕一区| 天堂在线中文字幕| 中文字幕久久亚洲一区| 免费无码H肉动漫在线观看麻豆| 少妇无码太爽了在线播放| 久久午夜福利无码1000合集| 韩国19禁无遮挡啪啪无码网站| 中文字幕国产91| 亚洲av无码片vr一区二区三区|