Chinese shares edge up 0.32 percent in morning trade

Chinese share prices ended Friday morning trade 0.32 percent higher, led by securities firms amid expectations that a stamp duty cut would boost their profits, dealers said.

Trade was erratic with the key index changing directions several times as analysts said the long-expected stamp duty cut, announced Wednesday, helped buoy confidence.

But more policy moves were needed for the jittery market to fully stabilise, they said.

"Profit-taking emerged after the key index rose more than nine percent on Thursday," said Hu Yu, an analyst at ChinaLion Securities.

"There are still many uncertainties in the market, including inflation concerns. It may be hard for the key index to rebound above 4,000."

All seven listed brokerages rose by the 10-percent daily trading limit, boosted by the cut in the stamp duty from 0.3 percent to 0.1 percent, announced late Wednesday, which directly benefits their business, according to dealers.

The benchmark Shanghai Composite Index, which covers A and B shares, was up 11.35 points to 3,594.38.

The Shanghai A-share index gained 11.71 points or 0.31 percent to 3,771.32 points, while the Shenzhen A-share index was up 21.97 points or 2.01 percent to 1,116.44.

(Agencies)