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China shares break losing streak, ChiNext outshines blue chips

Tuesday, 14 Jan 2014 | 2:07 AM ET

HONG KONG, Jan 14 (Reuters) - Shanghai shares halted a four-day losing streak on Tuesday, lifted by strong gains for home appliance firms that launched new products at the just-concluded Consumer Electronics Show in Las Vegas.

The Shanghai Composite Index ended up 0.9 percent at 2,026.8 points, buoyed by its first daily rise in five sessions. The CSI300 of the largest Shanghai and Shenzhen A-share listings also rose 0.9 percent.

Although volumes stayed muted, gains lifted both benchmarks off their most technically oversold levels in about six months amid further delays in initial public offerings, which had only resumed last week after a halt of more than a year.

The ChiNext Composite Index of start-ups in technology and other nascent industries listed in Shenzhen however outperformed, jumping 3 percent to a near record high.

The semi-official Securities Times, citing industry insiders, reported that the production value of smart home appliances will rise from 5 billion yuan ($827.4 million) in 2010 to 1 trillion in 2020. Sichuan Changhong Electronics spiked nearly 10 percent.

Great Wall Motor ended down 0.6 percent. It had dipped nearly 10 percent in morning trade after announcing a three-month delay in the launch of its new Haval H8 sports utility vehicle model due to technical glitches.

($1 = 6.0434 Chinese yuan)

(Reporting by Clement Tan; Editing by Jacqueline Wong)