Friday, September 19, 2008

China stocks end three-day plunge, surge 9.46% on stamp tax cut

Chinese shares prices had a rare single-day sharp rebound of 9.46 percent on Friday, after the government decided to scrap the stamp tax on stock purchase a day earlier among other announcements to boost the market.

The benchmark Shanghai Composite Index finished the day at 2,075.09 points, up 9.46 percent or 179.25 points from the previous close.

The index was unchanged from the close at midday, as most stocks had already soared to the daily upside limit of 10 percent in the morning.

The smaller Shenzhen Component Index closed at 7,154 points, up9 percent or 590.93 points.


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