CASHING in on prevailing bullish sentiment, Shenzhen securities authorities have announced a package of measures to revitalise the much-maligned stock market. Analysts said that although most of the measures were not detailed, the announcement was timely for re-establishing investor confidence. The measures include stringent controls on rights issues, permission for share repurchases when prices fall below their net asset values, and a lowering of transaction costs. One Shenzhen analyst said the announcement, issued by the Shenzhen Securities and Exchange Commission (SEC), had the effect of encouraging companies to make payouts in cash instead of issuing bonus shares. The SEC's announcement said that Sino-foreign joint-venture funds would be encouraged and that the market would aim to introduce new investment products. The announcement, published in yesterday's Shenzhen Special Zone Daily, triggered a rise in the Shenzhen A-share index, which soared 18.63 points, or 12 per cent, to close the day's trading at 169.31 points. Shares worth 2.97 billion yuan changed hands.