Market rallies to close at 3,164

SHANGHAI'S market closed slightly higher on the last trading day of the week, with strong performance of property shares and auto makers.

The benchmark Shanghai Composite Index edged up 0.28 percent, or 8.98 points, to close at 3,164.04 points. Turnover was 181 billion yuan (US$26.5 billion). Gainers outnumbered losers 503 to 350, and 59 stocks remained unchanged. The index gained 5.61 percent this week.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.59 percent to close at 1,123.82 points.

"The index may face pressure at around 3,150 points and but will remain on an upward trend in the next few months," according to Chen Jian, an analyst at United Securities.

China Securities Journal quoted spokesman Zhu Hongren at the Ministry of Industry and Information Technology as saying that China may extend sales tax cuts to boost automobile sales. The stimulus measure was due to end in December.

FAW Car Co Ltd advanced 3.73 percent to 21.44 yuan. SAIC Motor Corp, the country's largest car maker, was up 0.41 percent to 24.74 yuan. Jiangling Motors Corporation Ltd rallied 4.78 percent to 24.10 yuan.

China Vanke Co, the biggest listed domestic real estate developer, said its sales in October rose 95 percent from a year earlier to 6.54 billion yuan. Its shares advanced 2.80 percent to 12.10 yuan.

Gemdale Corporation added 1.50 percent to 16.20 yuan. Poly Real Estate Group was up 1.38 percent to 26.50 yuan.

Banking shares showed mixed results. Shanghai Pudong Development Bank edged up 0.34 percent to 23.63 yuan. Bank of China dipped 0.71 percent to 4.17 yuan. China Construction Bank dipped 0.17 percent to 5.99 yuan.

Steel producers and cement companies were also among the gainers. Baoshan Iron & Steel Co rose 1.82 percent to 7.26 yuan. Anshan Iron & Steel was up 1.21 percent to 13.35 yuan. Inner Mongolian Baotou Steel Union Co edged up 1.16 percent to 4.36 yuan.

Hebei Taihang Cement Co surged by the daily limit of 10 percent to 11.19 yuan. Jiangxi Wannianqing Cement Co rallied 6.01 percent to 7.58 yuan and Anhui Conch Cement Co hiked 7.55 percent to 45.89 yuan.

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