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Shanghai index ends week slightly higher

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

The benchmark Shanghai Composite Index added 0.46 percent, or 14.7 points, to close at 3,187.65.87 points, after hitting a low of 3,127.5 points. This brought the gauge to a 0.7 percent weekly gain. Turnover rose to 165.5 billion yuan (US$24.3 billion) from 152.8 billion yuan on Thursday. Gainers outnumbered losers 593 to 263, and 22 stocks remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.98 percent to close at 1,152.58 points.

Home appliance makers performed strongly on expectations they can penetrate further into rural areas as the maximum price cap on products sold in the countryside may be removed by the end of this year. Hisense Electric Co surged by the 10 percent daily cap to 23.56 yuan. Sichuan Changhong Electric Co advanced 10 percent to 6.52 yuan.

Jiangsu Chunlan Refrigerating Equipment soared 49 percent to 9.7 yuan after it resumed trading today. Chunlan has been suspended from trading for one year after three straight years' losses.

Airliners gained after the National Development and Reform Commission introduced a mechanism which links fuel surcharges on domestic air routes to fuel costs to better reflect price movements. Airlines have suffered losses due to higher jet fuel prices.

China Southern Airlines Co, Asia's biggest carrier by passenger numbers, jumped 2.4 percent to 6.05 yuan. Shanghai Airlines Co increased 1.6 percent to 6.83 yuan. China Eastern Airlines Corp climbed 2.8 percent to 6.23 yuan.

Elsewhere, GD Power Development Co was up 6.4 percent to 7.65 yuan after its announced plans to raise as much as 4.95 billion yuan via a private placement.


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