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Flat market response to government plans

SHANGHAI'S key stock index remained almost flat today as home appliance makers advanced but real estate developers dropped after the central government announced its policies for next year.

The benchmark Shanghai Composite Index added 0.45 percent, or 14.7 points, to close at 3,254.26 points. Turnover shrank to 112.6 billion yuan (US$16.6 billion) from 136.3 billion yuan on Wednesday. Gainers outnumbered losers 640 to 213 and 30 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.68 percent to close at 1,220.02 points.

Home appliance makers were strong as the subsidies for rural purchases and old for new products will stay next year. Hisense Electic surged 5.7 percent to 24.34 yuan. Sichuan Changhong Electric Co jumped 3.5 percent to 6.55 yuan. Qingdao Aucma Company added 2.5 percent to 7.82 yuan.

Hefei Meiling Co climbed 3.6 percent to close at 12.95 yuan after it said today it has won the bid to buy Sichuan Changhong Electric's air-conditioner assets for 393.56 million yuan.

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

Dongfeng Automobile eased 0.14 percent to 7.06 yuan. SAIC Motor Corp retreated 0.42 percent to 25.82 yuan while Beiqi Foton Motor Co edged up 0.4 percent to 19.92 yuan.

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

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


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