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December 11, 2009

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Home » Business » Finance

Appliance makers shine in flat market

SHANGHAI'S key stock index ended basically flat yesterday, with home appliance makers rising after the central government said stimulus policies will continue next year, but real estate developers dropped.

The Shanghai Composite Index added 0.45 percent, or 14.7 points, to close at 3,254.26. Turnover shrank to 112.6 billion yuan (US$16.6 billion) from 136.3 billion yuan on Wednesday.

Home appliance makers gained after the government's announcement that subsidies for rural purchases and for trading in old products for new ones will stay next year but sluggish blue chips restricted the rebound in the key index, China Merchants Securities Co said in a note.

Hisense Electric surged 5.7 percent to 24.34 yuan and Sichuan Changhong Electric Co jumped 3.5 percent to 6.55 yuan. Hefei Meiling Co climbed 3.6 percent to 12.95 yuan after it said yesterday it has won the bid to buy Sichuan Changhong Electric's air-conditioner assets for 393.56 million yuan.

Real estate developers fell after the chairman of the National Development and Reform Commission, Zhang Ping, said it will curb speculative home purchases and boost the supply of low-cost homes.

Poly Real Estate Group shed 0.8 percent to 24.98 yuan, Gemdale Corp sank 1 percent to 15.65 yuan, Shanghai Lujiazui Finance and Trade Zone Development fell 0.3 percent to 27.39 yuan and China Enterprise Co lost 0.7 percent to 16.18 yuan.


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