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The absence of tightening measures over the weekend, after the central bank had announced the consumer price index (CPI) grew 3.4 percent in May, has stimulated a new round of buying waves today. Investor confidence is bulging for another bull run since last week after the bear hug.

After eight days of growth since June 5, the stock market has largely recovered from the previous loss caused by the "shock" move of the stamp tax hike on May 29. By last Friday, the total market value of all securities listed in the two exchanges was 17,006.9 billion yuan, 1,014.3 billion yuan up from the week before June 8. The figure also surpassed that of May 30, the next day of the hike.

In a bid to combat irregularities in information disclosure, the Shenzhen Stock Exchange last Friday published a new rule, requiring all listed companies on the main board of the bourse disclose any contract worth of 1 billion yuan to all stock investors.

The heated mainland stock market has attracted more overseas-listed companies to return to their home market. As the latest move, China Construction Bank, listed in Hong Kong in 2005, said it would sell 9 billion A shares, or 3.85 percent of its enlarged share capital, on the Shanghai Stock Exchange.

Since last week, there had been rumors that the finance authority would abolish the 20 percent tax on interest income. Some worry that the cancellation of the tax could be another hit to the stock market, as it increases the gains from depositing and may divert capital from the stock market.

However, securities professionals and experts believe even if the tax is exempted, it won't affect the stock market largely. Under the current negative real interest rate - nominal one year rate at 2.448 percent, deducting the 3.4 percent of CPI growth, the interest tax is obviously improper and affects the poorer more than the wealthier.

Canceling the tax will for sure enhance the attractiveness of depositing in bank accounts. But still the return is non-comparable with other investment channels, take the stock market as an example, said analysts. The fundamental rationale is that Chinese residents have started building up investment awareness and inclination, while they are getting richer along with the booming Chinese economy, analysts believe.

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