China shares gain 1.8 pct to highest close in 7 weeks
A Chinese investor looks at stock index on a mobile phone at a stock brokerage house in Qingdao city, east Chinas Shandong province, 2 May 2012. China shares climbed 1.8 percent to their highest closing level in seven weeks on Wednesday (May 2), after the countrys securities regulator said it would reduce transaction fees for trades on the Shanghai and Shenzhen stock exchanges. The Shanghai Composite Index closed at 2,438.4 points, compared with 2,396.3 points at last Fridays (Apr. 27) close. Markets were closed on Monday (Apr. 30) and Tuesday (May 1) for public holidays. The China Securities Regulatory Commission said on Monday (Apr. 30) it would reduce transactions fees collected by both the stock exchanges and the official clearing house starting June 1. It estimated the combined impact would be 3 billion yuan ($475.42 million) less fees collected in a year, a reduction of 25 percent.
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