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Shanghai shares rise on stronger auto firms

SHANGHAI stocks added nearly 1 percent today, led by automobile manufacturers among expectations that a reduction in the purchase tax of cars will be extended to boost sales.

The benchmark Shanghai Composite Index rose 0.61 percent, or 19.35 points, to close at 3,174.40 points. Turnover was 94.5 billion yuan (US$13.8 billion). Gainers outnumbered losers 582 to 262, and 68 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.85 percent to close at 1,126.76 points.

The China Securities Journal quoted spokesman Zhu Hongren at the Ministry of Industry and Information Technology as saying that China may extend the tax cut to boost automobile sales. The original deadline for the stimulus measure was set at the end of the year.

SAIC Motor Corp, the country's largest car maker, added 1.42 percent to 24.99 yuan. FAW Car Co Ltd advanced 2.32 percent to 21.15 yuan. Jiangling Motors Corporation Ltd rallied 4.43 percent to 24.02 yuan.

China Vanke Co, the biggest listed domestic real estate developer, said sales in October rose 95 percent from a year earlier to 6.54 billion yuan. Its shares rose 1.02 percent to 11.89 yuan.

Other Property shares retreated from earlier gains. Shanghai Lujiazui Finance & Trade Zone Development Co was down 0.59 percent at 28.82 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co dropped 3.28 percent to 19.14 yuan. Shanghai Jielong Industry Group Co lost 0.61 percent to 17.90 yuan.

Banking shares showed mixed results. Shanghai Pudong Development Bank added 1.10 percent to 23.81 yuan. China Merchants Bank edged up 0.96 percent to close at 19 yuan. Bank of China dipped 0.24 percent to 4.19 yuan.

Metal producers were also among the gainers. Yunnan Copper Co added 1.63 percent to 32.40 yuan. Jiangxi Copper jumped 2.95 percent to 41.13 yuan. Zijin Mining Co edged up 0.42 percent to 9.53 yuan.


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