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November 14, 2009

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Key index ends higher

SHANGHAI'S key stock index ended slightly higher yesterday, led by consumer-related shares as investors expect consumption to be stimulated further to bolster China's economic growth.

The Shanghai Composite Index added 0.46 percent, or 14.7 points, to close at 3,187.65, after hitting a low of 3,127.5. The gauge has added a total of 0.7 percent for the week.

Turnover rose to 165.5 billion yuan (US$24.3 billion) from 152.8 billion yuan on Thursday.

"The consumption sector may continue to perform strongly under the government's measures to boost spending," Guangzhou Wanlong Securities Consultants Co wrote in a note.

President Hu Jintao said yesterday in Singapore when attending an Asia-Pacific Economic Cooperation annual summit that China is seeking to boost its domestic consumption to help shore up a fledgling global recovery from the economic crisis.

Home appliance makers gained on expectations they can penetrate further into China's vast rural areas. Hisense Electric Co surged by the 10 percent daily cap to 23.56 yuan. Sichuan Changhong Electric Co rose 10 percent to 6.52 yuan.


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