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Stimulus package boosts appliance stocks

CHINESE mainland stocks rose in today's morning session, led by home-appliance makers, after the central government approved a special stimulus package for the light industry.

Oil firms retreated after opening up higher on a similar government support plan as investors took profits.

The Shanghai Composite Index closed the morning session up 0.58 percent at 2,240.15, just off an intraday high of 2,241.44. The Shenzhen Component Index added 1.33 percent to 8,323.28.

Zhejiang Supor Co, a cookware maker listed in Shenzhen, jumped 7.29 percent to 15.01 yuan (US$2.19). Television maker TCL Group rose 5.1 percent to 3.71 yuan.

China's State Council, or the Cabinet, yesterday unveiled a stimulus package for the light industry, which includes expanding a national program to subsidize the purchase of home appliances in rural areas.

The central government also launched a program to help petrochemical companies construct major ethylene projects and eliminate outdated petro facilities. But no investment figures were given.

China Petroleum and Chemical Corp, Asia's biggest refiner, closed the morning session down 0.12 percent at 8.59 yuan after rising as high as 8.79 yuan. PetroChina Co, the country's biggest oil firm, edged up 0.09 percent at 11.35 yuan.


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