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China stocks close higher Wednesday, led by consumer goods producers

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BEIJING, Nov. 24 (Xinhua) -- Chinese stocks rose Wednesday led by consumer-goods producers, with the benchmark Shanghai Composite Index gaining 1.12 percent, or 31.65 points, to close at 2859.94.

Amid concern that further monetary policy tightening would slow economic growth, the stock index lost 10 percent in the two weeks before Wednesday's gains.

The Shenzhen Component Index climbed 2.86 percent, or 345.25 points, to end at 12407.66.

Combined turnover expanded from Tuesday's 290.29 billion yuan (43.7 billion U.S. dollars) to 294.33 billion yuan.

Chinese distillers jumped on rumors liquor prices will rise more than 20 percent as inflation quickens.

Kweichow Moutai Co. rose 5.76 percent to 199.92 yuan (30.09 U.S. dollars) per share, its highest level since March 2008, after Shenyin and Wanguo Securities said the company may raise the price of its products 24 percent.

Jiugui Liquor surged by the daily limit of 10 percent to finish at 24.07 yuan per share while Wuliangye, another leading white liquor-maker, rose 3.72 percent to 39.27 yuan per share.

Other consumer-goods producers also gained. Gree Electric Appliances, China's largest maker of air-conditioners, rose 4.97 percent to 17.11 yuan per share.

Midea Electric Appliances, another leading home appliance maker, rose 3.79 percent to 16.71 yuan.

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