In case you missed the headlines:
- China reportedly plans to cut stamp duty on stock trading in bid to recover sentiment
- Weekend - China halves stamp tax for securities trading
- China to restrict share reductions by major shareholders
The package of measures announced were all targeted to bolster market sentiment, in particular stocks. They include the halving of the stamp duty and restricting major shareholders' stock reductions, but they also cover slowing the pace of IPOs.
There was much enthusiasm right at the open as investors sensed relief. However, once again, this does not address the crux of the issue which is the faltering economy itself. For today, the news is definitely helping brokerage stocks but really where is the real help for the property sector? Again, I look to Beijing for fiscal assistance and it's a blank at the moment.