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Investor are watching market formation in Beijing on Thursday Sept. 19, 2008. China stock prices soared 9.06 percent at opening on Friday after the government moved to scrap the stamp tax on stock purchase, effective Friday, in a move to boost the equities market.[Xinhua Photo]
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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, up 9 percent or 590.93 points.
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