China stocks rebound

Beijing, Sep 8 (IANS) Chinese shares rebounded on Tuesday after the country’s exchanges started seeking opinions on index circuit breaker.

The benchmark Shanghai Composite Index surged more than three percent, ending at 3,170.45 points, up 2.92 percent, Xinhua reported.

The Shenzhen Component Index jumped 3.29 percent to close at 10,320.23 points.

The ChiNext Index, China’s NASDAQ-style board of growth enterprises, soared by 5.68 percent to close at 2,001.16 points.

Total turnover on the two stock markets was 524.2 billion yuan ($82.42 billion), down from 602.5 billion yuan the previous trading day.

Winners outnumbered losers 882 to 29 in Shanghai, and by 1,346 to 40 in Shenzhen.

China’s stock exchanges on Monday began soliciting public opinions on an index circuit breaker system, which would suspend trading temporarily in response to substantial rises or drops, according to a draft regulation posted on the website of the Shanghai bourse.

The ministry of finance announced on Monday that Chinese investors holding a stock for more than one year will be exempted from a five percent dividend tax from Tuesday.

Bank shares reversed their previous weak momentum and led Tuesday’s rebound, with the banking sub-index rising by 2.31 percent.

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