November 1, 2018 / 3:36 AM / a year ago

UPDATE 1-China keeps stamp duty on stock trading unchanged at 0.1 pct

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BEIJING, Nov 1 (Reuters) - China has kept its stamp duty on stock trading unchanged at 0.1 percent, according to a draft law published by the finance ministry on Thursday.

The duty will be adjusted by China’s cabinet in “a flexible and proactive way to meet the actual needs”, according to the draft law published on the ministry’s website.

In 2008, China cut the stamp duty on stock transactions to 0.1 percent from 0.3 percent in a bid to support the market.

Shares in China’s securities firms extended a rebound on Thursday as investors bet Beijing’s recent pledges to promote the development of the capital markets would help stabilise the country’s stock markets.

Weighed by worries about China’s slowing economy and escalating U.S. tariffs on Chinese goods, the blue-chip CSI300 index fell more than 8 percent in October, its worst monthly performance since January 2016.

China also has kept its stamp duty on property rights transfers unchanged at 0.05 percent, the draft law stated.

Reporting by China Monitoring Desk and Kevin Yao Editing by Shri Navaratnam and Kim Coghill

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