CSI 300 INDEX 3,774.50 320.78 9.29%
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April 24 (Bloomberg) -- China's stocks surged, sending the Shanghai Composite Index to its biggest gain in more than six years, after the government cut the tax on equity trading to stem a slump that erased $1.7 trillion of market value.
The Shanghai measure rose 9.3 percent, the most since Oct. 23, 2001. China's government stepped in to bolster the world's fourth-largest equity market two days after the benchmark index sank to less than 50 percent of its October record amid concern earnings growth will slow and share sales will overwhelm demand.
``The government is clearly concerned about the meltdown,'' said James Liu, Shanghai-based deputy chief investment officer at APS Asset Management, which oversees $1 billion. ``It's positive for the market in the short run.''
The Shanghai Composite Index closed 304.7 points higher at 3,583.03, with just one of its 888 stocks declining. The Shenzhen Composite Index, which tracks stocks listed on the smaller of China's two exchanges, rose 8.7 percent.
The CSI 300 Index, which tracks yuan-denominated shares in Shanghai and Shenzhen, climbed 9.3 percent to 3,774.50. The gain was the biggest since the gauge was introduced in April 2005.
ΒLOOMBERG
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