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Shanghai shares mixed under new state policies

SHANGHAI'S key stock index remained flat at the mid-day break as home appliance makers advanced but real estate developers dropped after the central government announced next-year policies for individual sectors.

The benchmark Shanghai Composite Index dipped 0.04 percent, or 1.22 points, to close at 3,238.35 points. Turnover stood at 60 billion yuan (US$8.8 billion). Gainers outnumbered losers 443 to 391 and 49 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.14 percent to close at 1,213.48 points.

Home appliance makers were strong as subsidies for rural purchases will stay next year. Hisense Electic surged 7.7 percent to 24.79 yuan. Sichuan Changhong Electric Co jumped 4.3 percent to 6.6 yuan. Qingdao Aucma Company added 2.5 percent to 7.82 yuan.

Hefei Meiling Co climbed 6.7 percent to close at 13.34 yuan after it won the bid to buy Sichuan Changhong Electric's air-conditioner assets for 393.56 million yuan.

Automakers showed mixed performance after the State Council approved plans to levy 7.5 percent sales tax on cars with engine capacity of 1.6 liters and below, higher than 5 percent introduced earlier this year to spur demand but lower than the original 10 percent.

Dongfeng Automobile eased 0.4 percent to 7.04 yuan. SAIC Motor Corp retreated 0.3 percent to 25.85 yuan while Beiqi Foton Motor Co edged up 0.7 percent to 19.98 yuan.

Real estate developers were down after the National Development and Reform Commission Chairman Zhang Ping said it will curb speculative home purchases and boost low-cost homes supply.

Poly Real Estate Group withdrew 0.8 percent to 25 yuan. Gemdale Corp sank 1.4 percent to 15.58 yuan. Shanghai Lujiazui Finance and Trade Zone Development was off 0.6 percent to 27.29 yuan. China Enterprise Co lost 0.9 percent to 16.16 yuan.


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