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Stocks plummet nearly 7 percent  

2007-05-30 20:44:54|  分类: 股市 |  标签: |举报 |字号 订阅

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 Today was a disastrous day for investors in China stock market.  Chinese stocks plummeted nearly seven percent on Wednesday after the Ministry of Finance announced a hike in the stamp tax on stock trading to 0.3 percent from 0.1 percent.

The benchmark Shanghai Composite Index lost 6.50 percent to close at 4,053.09 points after opening 5.78 percent lower. The Shanghai and Shenzhen 300 index fell 6.76 percent to 3,886.46.

More than 1,200 stocks fell on the Shanghai and Shenzhen stock exchanges, with over 800 tumbling to their daily limits of 10 percent. Only 66 stocks rose in the two bourses.

The tumble came after the Ministry of Finance announced Tuesday night the stamp tax on stock trading will rise to 0.3 percent from 0.1 percent starting from Wednesday. It was the authorities' latest move to cool down the country's hot equity market.

A ministry official said the measure is intended to help promote the healthy development of the securities markets.

The policy will help the market become more rational, he said. However, to return full sobriety to the market, the government needs to come out with more policies.

The stock market frenzy has aroused concerns that a bubble is mounting, from both home and abroad. The latest warning came from former chairman of the US Federal Reserve Alan Greenspan who warned last week China's stock market was clearly unsustainable and faced a dramatic contraction.

Greenspan's remarks followed comments from Asia's richest man, Li Ka-shing who said China's stock valuations "must be a bubble" and prices are likely to decline. Central Bank governor Zhou Xiaochuan also expressed concerns earlier this month. Although my stocks lost the gains of 10 percent today, I didn’t think the hike of stampt tax would influence the long-term healthy development of China's capital market.

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