China stocks open lower on regulatory 'rumors'

Chinese stocks opened lower on Friday, with the benchmark Shanghai Composite Index down 58.56 points, or 1.33 percent, to open at 4,355.95.

The Shenzhen Component Index opened at 14,615.53, down 127.68 points, or 0.87 percent.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, opened 16.28 points or 0.6 percent lower at 2,689.91 points.

Just a few minutes before the market opened, securities regulator the China Securities Regulatory Commission (CSRC) denied claims that authorities are about to raise stamp duty and resume the tax on capital profits to control leverage risks on the stock market, which is at risk of forming bubbles in some areas.

In a posting on its Twitter-like Sina Weibo account, the CSRC said these were "rumors".