The following Quote is Good news for THR and many other Australian Resource Company Shares and perhaps some Chinese may now become more interested in Australian Companies which have proven their Resources like THR. Perhaps some people involved with CITIC may become interested in Buying THR Shares at the present very low THR Share Price.
The Quote:-
Chinese shares rocket nearly 10 pct on stamp duty cut Thursday April 24, 2008, 5:54 pm
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SHANGHAI (AFP) - Chinese share prices surged Thursday to close up 9.29 percent, the biggest one-day rise in more than six years, after the government slashed stamp duty on stock market transactions, dealers said.
Many major stocks soared by the 10 percent daily limit with investors taking the stamp duty cut as a clear signal that the government wanted to shore up the market following its near 50 percent slide since its peak last October.
Thursday's rise represents the biggest single-day gain since October 23, 2001, according to dealers.
The benchmark Shanghai Composite Index, which covers A and B shares, closed up 304.70 points at 3,583.03 on turnover of 189.6 billion yuan (27.1 billion dollars).
The decision to cut stamp duty to 0.1 percent from 0.3 percent was approved by the State Council, or Cabinet, Xinhua news agency reported late Wednesday.
"The lowering of the stamp duty... is among the most aggressive steps the government could have taken to improve sentiment," said Jing Ulrich, a Hong Kong-based analyst with JPMorgan Securities.
Analysts said the move would give the market a short-term boost, because sentiment, hit by sharp falls, was heavily dependent on supportive government measures.
"After the market hitting a sensitive point around 3,000, investors are expecting strong support from the government, and a stamp duty cut is exactly what they wanted," said Yu Zuojie, an analyst at Shanghai Securities.
The Shanghai A-share Index was up 319.76 points or 9.30 percent to 3,759.61 on turnover of 188.5 billion yuan. The Shenzhen A-share Index rose 87.98 points or 8.74 percent to 1,094.48 on turnover of 72.5 billion yuan// End Quote.
(P.S., T.M., do You have some thoughts about the preseeding Quote)?
No responsibility taken for any losses in association with this Posting.
Regards,
moly
THR Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
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