Shanghai A-shares close morning flat; B-shares higher in heavy trade

SHANGHAI (AFX-ASIA) - A-share prices closed the morning flat in lacklustre trade amid a lack of fresh leads, dealers said. B-share prices rose slightly after trading to sharp lows and highs in heavy turnover, they said, adding that B-shares have attracted huge buyer interest from domestic investors following the implementation last week of a policy giving domestic individuals formal access to themarket. The composite A- and B-share index closed 4.87 points higher at 1,996.04 on turnover of 4.60 bln yuan after trading to a high of 1,999.07 and a low of 1,989.86. The A-share index gained 5.03 points to2,100.68 on turnover of 3.27 bln yuan after trading between 2,103.34 and 2,094.50. The SSE-30 index rose 12.65 points to3,865.97. The B-share index closed 0.59 points higher at 119.61 after trading between 121.69 and 115.33. Analysts said B-share turnover remained heavy amid profit-taking and strong domestic buying, while some institutions also appeared to be making making quick trades in order to profit from the current share-price volatility. In the A-share market, investors are barred from buying and selling the same shares in a single day, but this restriction does not apply to the B-share market, they said, adding that this creating great B-share price volatility, particularly given the small capitalisation of the B-share market. Although slight A-share gains drove the composite index closer to a key resistance level at 2,000 points, analysts said they see little chance of the index breaking above this level, given thin A-share turnover and a lack of fresh leads for the A-share market. more

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