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Market ends week 10 percent higher

SHANGHAI'S key stock index ended the week in an upbeat mood, boosted by rises in the overseas markets overnight.

The Shanghai Composite Index rose 3.97 percent today, or 83.22 points, to 2,181.24 points.

Almost all stocks gained while only one dipped. Turnover shrank a little to 120.7 billion yuan (US$17.75 billion), down from yesterday's 124.5 billion yuan.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 4.37 percent, or 28.16 points, to 672.81 points.

The local benchmark index rose 9.57 percent in the first week after the Lunar New Year break, the biggest weekly gain in two months.

Auto makers led the gains in the expectation that details of the government's 5 billion yuan subsidies for farmers buying vehicles will be revealed next month. After US auto sales plunged to a 27-year low in January, China is expected to be the No.1 auto market when its monthly sales figures are revealed this month.

Beiqi Foton Motor Company Ltd jumped the 10 percent daily cap to 7.36 yuan. FAW Car Co soared 8.21 percent to 10.15 yuan. Shenyang Jinbei Automotive Co advanced 6.33 percent to 3.19 yuan.

Information technology sectors advanced on news the government has mapped out measures to bolster the industry.

China Satcom Guomai Communications Co climbed 7.78 percent to 9.28 yuan. China United Telecommunications Corp added 5.18 percent to 5.48 yuan.

The retail sector outperformed in the week-long Lunar New Year holiday, with China's retail sales climbing 14 percent to 290 billion yuan (US$42.4 billion) compared with a year ago.

Dashang Group Co, a Chinese department-store operator, surged by the 10 percent daily limit for a second successive day to 22 yuan. The stock has risen 32 percent since trading resumed on Monday after the Lunar New Year break.

Leading home-appliance producers reported a 26 percent gain in sales, according to the Ministry of Commerce, which attributed the increase to a government program subsidizing rural purchases of appliances including televisions and refrigerators.

Qingdao Aucma Company Ltd rose 5.19 percent to 4.86 yuan. Guangdong Midea Electric Appliances Co edged up 4.31 percent to 9.68 yuan.

Elsewhere, China Shenhua Energy Co, the nation's largest coal producer, was up 3.54 percent to 21.92 yuan. Its parent, Shenhua Group Corp, increased coal output by 22 percent in January from a year earlier, beating its target.

China Minsheng Banking, the nation's first privately owned bank, added 2.9 percent to 4.96 yuan after it announced yesterday it had received state approval to sell as much as 5 billion yuan (US$732 million) of hybrid bonds to raise capital.

Citic Securities Co gained 4.63 percent to 23.97 yuan despite saying shareholder Youngor Group Co sold more than 3 percent of the company as of yesterday. Youngor increased 4.7 percent to 9.14 yuan.


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