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Key index higher after stimulus

SHANGHAI'S key stock index closed higher yesterday, led by home-appliance makers and oil firms after the central government approved a stimulus package for the sectors.

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

Gainers outnumbered losers 831 to 44 while 6 remained unchanged. Turnover was 109.2 billion yuan (US$16.06 billion), compared to 108.3 billion yuan the day before.

The local benchmark index had an accumulative loss of 4.04 percent this week as investors tended to sell shares to make a profit when the index reached around 2,300 points.

"Shares are likely to keep fluctuating unless the sectors attaining government support can attract as much investment to push up the turnover," United Securities Co said in a research note.

Zhejiang Supor Co, a cookware maker, jumped 8.58 percent to 15.19 yuan while TV maker TCL Group rose 5.67 percent to 3.73 yuan.

China Petroleum and Chemical Corp closed at 8.64 yuan, up 0.47 percent. PetroChina Co edged up 0.35 percent at 11.38 yuan.

"The United States market has hit new lows and affected the rebound of the local bourse as market sentiment has not fully recovered. But the stable performance of the heavyweights will help the index sustain the upward trend," said Wan Bing, an analyst with GF Securities Co.


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