Chinese shares rocket 9.29 percent on stamp duty cut

Chinese share prices surged to close up 9.29 percent Thursday after the government cut the stamp duty on stock market transactions to boost share prices, dealers said.

The benchmark Shanghai Composite Index, which covers A and B shares, closed up 304.70 points at 3,583.03 on turnover of 189.6 billion yuan (27.1 billion dollars).

The Shanghai A-share Index was up 319.76 points or 9.30 percent to 3,759.61 on turnover of 188.5 billion yuan. The Shenzhen A-share Index rose 87.98 points or 8.74 percent to 1,094.48 on turnover of 72.5 billion yuan.

(Agencies)