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Medium and small companies help market rally

SHANGHAI'S key stock index reversed its morning losses and closed higher today thanks to good performances by small and medium-sized companies.

The benchmark Shanghai Composite Index added 0.51 percent, or 10.6 points, to close at 2,093.45 points.

Gainers outnumbered losers 731 to 136 while 11 remained unchanged. Turnover shrank to 72.2 billion yuan (US$10.62 billion), compared with 98.1 billion yuan the previous trading day.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 2.09 percent to close at 672.85 points.

Home-appliance makers gained. China plans to hand out 20 billion yuan (US$2.9 billion) in subsidies this year for home-appliance purchases by farmers, the commerce ministry has said.

TCL Corp, China's biggest television maker added 2.16 percent to 3.31 yuan.

Bucking the upward trend, Yunnan Copper Industry Co dropped 1.89 percent to 12.48 yuan.
Tongling Nonferrous Metals Group Co, China's second-biggest copper smelter by output, said profit fell 38 percent last year as processing fees dropped and it wrote down inventories after prices slumped in the fourth quarter. Tongling sank 1.2 percent to 9.03 yuan.

Copper futures for May delivery lost 2.6 percent on February 27 for the first decline in five days. Crude oil for April delivery slipped 1 percent, breaking a three-day winning streak. A measure of six primary metals traded in London slid 1.3 percent.

China Eastern Airlines Corp tumbled 3.78 percent to 4.58 yuan after saying fuel-hedging losses may fall this year.

Elsewhere, China Life Insurance Co, the nation's biggest insurance company said it won't bid for the Asian unit of American International Group Inc. China Life eased 0.73 percent to 20.33 yuan.

The shares sale plan for Xuzhou Construction Machinery Science & Technology Co, the construction equipment maker, has received "conditional approval" from the China Securities Regulatory Commission, the regulator said in February. Xuzhou Construction fell 3.41 percent to 23.5 yuan.


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