Chinese Stocks Surge

Chinese shares surged after the government cut a tax on equity trading to bolster the world's second worst-performing market this year.

Citic Securities Co., the nation's biggest brokerage, gained on speculation a stock market rally will boost the value of shares held and increase trading income.

The CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, climbed 273.38, or 7.9 percent, to 3,727.11 as of 9:30 a.m. local time.

Citic Securities jumped 2.92 yuan, or by the 10 percent daily limit, to 32.13. China Merchants Bank Co., the nation's biggest dual-currency credit-card issuer, rose 2.28 yuan, or 7 percent, to 34.70.

Chinese Stocks Surge, Bloomberg
4/23/2008 7:23:04 PM