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Home-appliance makers warm market up

SHANGHAI'S key stock index closed higher today, led by home-appliance makers, after the central government approved a special stimulus package for the light industry.

The Shanghai Composite Index rose 1.54 percent, or 34.35 points, to 2,261.48 points.

Gainers outnumbered losers 831 to 44 while 6 remained unchanged. Turnover almost remained the same at 109.2 billion yuan (US$15.97 billion), compared with 108.3 billion yuan on the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 3.04 percent, or 21.97 points, to 744.07 points.

Oil firms also gained on a similar government support plan.

Zhejiang Supor Co, a cookware maker listed in Shenzhen, jumped 8.58 percent to 15.19 yuan. Television maker TCL Group rose 5.67 percent to 3.73 yuan.

China's State Council, or the Cabinet, yesterday unveiled a stimulus package for the light industry, which includes expanding a national program to subsidize the purchase of home appliances in rural areas.

The central government also launched a program to help petrochemical companies construct major ethylene projects and eliminate outdated petro facilities. No investment figures were given.

China Petroleum and Chemical Corp, Asia's biggest refiner, closed at 8.64 yuan, up 0.47 percent. PetroChina Co, the country's biggest oil firm, edged up 0.35 percent at 11.38 yuan.


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