Why did Weibo stock go up today? China tries to boost the market
Adam Yee

Weibo (NASDAQ:WB) shares rose more than 7% on Monday as the Chinese government attempts to boost its domestic market and aid investor sentiment.
According to a statement by the Ministry of Finance and the State Administration of Taxation, it is halving the stamp duty on securities transactions, effective August 28. The new duty drops to 0.05%, down from 0.1%.

The levy was last cut in April 2008, when it was reduced to 0.1% from 0.3% in an effort to boost the market during the global financial crisis.
In addition to the lower stamp duty, the China Securities Regulatory Commission introduced measures to boost investor confidence, including lowering the collateral traders need to have with their brokers, slowing the pace of IPOs add how often major shareholders can sell shares on the market.
Several other Chinese stocks rose in conjunction with the news, including Alibaba (BABA), JD.com (JD) and Baidu (BIDU).


More on Weibo

Weibo Corporation Q2 2023 Earnings Call Transcript
Weibo: No Rebound In Sight
Weibo slumps as Benchmark downgrades after 'lackluster' Q2 results, guidance
Seeking Alphaâs Quant Rating on Weibo
Earnings data for Weibo