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Heavyweights help sink market

SHANGHAI'S key stock index lost nearly 1 percent today with weak performances by heavyweights.

The benchmark Shanghai Composite Index was down 0.94 percent, or 25.27 points, to close at 2,651.41 points. Losers outnumbered gainers 582 to 244 while 82 remained unchanged. Turnover was 137.7 billion yuan (US$20.1 billion).

The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.31 percent to finish at 897.37 points.

Several heavy-weighted companies led the losing pack. Sinopec, Asia's largest oil refiner, withdrew 1.80 percent to 10.37 yuan. Industrial and Commercial Bank of China declined 1.15 percent to 4.28 yuan.

China Life Insurance Co Ltd, the country's largest life insurance company, lost 1.93 percent to 23.33 yuan.

Bucking the downward trend, home appliances advanced after the central government yesterday pledged to offer subsidies to encourage home appliance upgrades.

A total of 2 billion yuan worth of subsidies will be handed out at first under a trial phase in nine areas including Shanghai, Beijing, Tianjin and some coastal provinces.

Hisense Electric Co advanced 2.13 percent to 12.47 yuan. Guangdong Media Electric Appliances Co Ltd rose 0.29 percent to 13.64 yuan. Suning Appliance Co Ltd edged up 0.07 percent to 15.16 yuan.

Automakers showed mixed performances after the government also raised subsidies for vehicle replacements to 5 billion yuan from 1 billion yuan yesterday.

Shenyang Jinbei Automotive Co surged 9.95 percent to 4.09 yuan. Tianjin FAW Xiali Automobile Co Ltd dipped 0.54 percent to 7.38 yuan. Anhui Jianghuai Automobile Co Ltd rose 3.49 percent to 5.64 yuan.


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