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Stamp duty news pulls down market

SHANGHAI'S stock market closed more than 1 percent lower in the morning session on rumors the stamp tax on buying shares will be levied.

The benchmark Shanghai Composite Index was down 1.17 percent, or 35.9 points, to close at 3,020.91 points. Turnover stood at 56.7 billion yuan (US$8.3 billion). Losers outnumbered gainers 716 to 148, and 23 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged down 0.93 percent to close at 1,176.53 points.

News prevails in the market that the stamp tax on buying stocks will be levied again in mid April due to the launch of the stock futures. While some analysts said there is no direct relation between these two things and did not see a change in the stamp tax policy.

Bank of China lost 1.2 percent to 4.17 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, was down 1 percent to 4.83 yuan. Shanghai Pudong Development Bank withdrew 2 percent to 21.58 yuan.

Ship liners led the losers on concerns rising trade tensions will hurt the exports as yuan was under pressure to revalue. Cosco Shipping Co, a unit of China's biggest shipping company, slid 2 percent to 10.27 yuan. China Shipping Development Co dropped 1.3 percent to 12.65 yuan. China Shipping Container Lines Co eased 2.3 percent to 4.64 yuan.


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