Shanghai Composite surges 2.92%

A late hour rally helped the Mainland China's stock market to close sharply higher on Tuesday, 08 September 2015. The rebound was driven by news of National Development and Reform Commission (NDRC) approval of two new infrastructure projects, stock exchanges proposed plans for a "circuit breaker" system aimed at restoring market stability and government plans for removal of personal income tax on dividends for shareholders who hold stocks for more than a year. Investors ignored trade data that showed China's imports in August fell 14.3% in yuan-denominated terms from a year ago, while exports fell by 6.1%. The Shanghai Composite Index gained 2.92%, or 90.03 points, to 3170.45 points. The Shenzhen Component Index gained 3.29% to close at 10,320.23 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, soared by 5.68% to close at 2,001.16 points.

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