Shenzhen A-shares close higher; B-shares sharply higher in heavy trade

SHENZHEN (AFX-ASIA) - A-share prices closed higher but in thin trade as investor attention continued to focus on the B-sharemarket, dealers said. B-share prices closed higher in heavy turnover and volatile trade as profit-taking met with continued strong domestic buying,they said. The A-share sub-index rose 61.87 points or 1.18 pct to close at 5,278.31, on turnover of 6.53 bln yuan after trading between 5,292.24 and 5,202.63. The B-share sub-index closed 51.97 points or 3.88 pct higher at 1,391.17 after trading between 1,410.07 and 1,291.00. B-shares have attracted huge demand from domestic investors since the implementation last week of a policy giving domestic individuals formal access to the market. Analysts said some investors were also making use of the volatility in the B-share markets to make profits by buying and selling B-shares within a single day, adding that the small capitalisation of the B-share market made it easier to manipulate than the A-share market. A-share trade remained lacklustre amid a lack of fresh leads, they said, adding that A-shares are generally expected to remain rangebound in the near term. The component A- and B-share index closed up 61.31 points or 1.32 pct at 4,677.12 on turnover of 8.92 bln yuan after trading at a high of 4,687.68 and a low of 4,597.12. Shenzhen Development Bank gained 0.76 yuan to16.19 on 47.7 mln shares. Monkey King rose 0.06 yuan to 6.06 on 10.8mln shares. Taigang Stainless Steel closed unchanged at 7.0 yuan on 9.1 mln shares, while Angang New Steel lost 0.03 yuan to 4.69 on 6.7 mln shares and Beijing Shougang dropped 0.08 yuan to 11.07 on 4.1 mln shares. Among B-shares, Bengang Steel Plates rose 0.24 hkd to 3.32 on 64.8 mln shares. Guangdong Electric Power gained 0.2 hkd to 5.12 on 39.3 mln shares. China Southern Glass rose 0.51 hkd to 5.63 on 27.8 mln shares. Shandong Zhonglu gained 0.58 hkd to 6.38 on 26.7 mln shares.

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