Markets end flat, appliance makers up
Most mainland stocks rose as materials producers gained on higher commodity prices and appliance makers advanced on speculation increasing retail sales will boost earnings. Financial companies declined.
About 10 stocks rose for every seven that dropped on the Shanghai Composite Index, which fell 2.25, or 0.1 percent, to 3,172.95 at close. The gauge has rallied 14 percent this quarter, the world's third-best performer, as the nation's economy rebounded. The CSI 300 Index gained 0.1 percent to 3,499.99.
"Given the magnitude of the economic recovery, the market consensus is that corporate earnings will grow more than 20 percent next year and that will make valuations attractive," said Zheng Tuo, president of Good Hope Equity Investment Co in Shanghai.
