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Market rallies as broadcasters surge

SHANGHAI'S key stock index added more than 1 percent today, led by robust performance of broadcast and Internet shares as well as the consumer electronics sector.

The benchmark Shanghai Composite Index added 1.35 percent, or 42.89 points, to close at 3,125.55 points. Turnover stood at 168 billion yuan (US$24.6 billion). Gainers outnumbered losers 852 to 30 while 32 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, advanced 2.13 percent to close at 1,219.11 points.

China plans to push for communication and resource sharing among Internet, telecommunications and radio and television networks by 2015.

New preferential policies would be issued to support innovation while financial and taxation measures would allow rural areas to expand, according to a State Council executive meeting chaired by Premier Wen Jiabao yesterday.

Shanxi Broadcast & TV Network Intermediary Co surged by 10 percent daily cap to 11.77 yuan. Northern United Publishing & Media Group Co rallied 7.89 percent to 14.49 yuan.

TCL Corp, China's biggest listed consumer-electronics maker, said sales of LCD televisions more than doubled from 2008 to 8.4 million in the past year. Its shares rallied 8.60 percent to 5.81 yuan.

Guangdong Media Electric Appliances Co advanced 3.04 percent to 21.34 yuan. Sichuan Changhong Electric Co surged 7.03 percent to 7.16 yuan.

Air China surged 7.16 percent to 10.62 yuan after it said passenger numbers rose 16.3 percent to 39.8 million in 2009. Its cargo volume climbed 4.9 percent to 943 tons.



 

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