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China B-shares close sharply higher; home appliance makers advance -UPDATE.
(From AFX Europe (Focus))
SHANGHAI (XFN-ASIA) - China B-shares closed sharply higher with home appliance makers snapped up as the government expanded its program to subsidize rural appliance sales, dealers said.
Property developers also surged with China Vanke (SZB 200002; SZA 000002) rising 6.4 pct.
The Shanghai B-share Index was up 3.59 points or 3.38 pct at 109.72, while the Shenzhen B-share Index added 9.11 points or 3.63 pct to 259.89.
"Investors accumulated shares of washing machine and television manufacturers," said a Shanghai-based analyst who asked not be identified. "However, gains in these stocks are expected to be short-lived as immediate benefits to companies' earnings are unlikely."
In Shanghai, home appliance maker Shanghai Highly (Group) (SHB 900910; SHA 600619) rose 0.019 usd or 6.35 pct to 0.318 and SVA Electron (SHB 900901; SHA 600602) increased by 0.017 usd or 8.13 pct to 0.226.
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