Shenzhen shares close morning lower in technical correction

SHENZHEN (AFX-ASIA) - A-share prices closed the morning lower on a technical correction following recent institution-led gains in key large-cap stocks, dealers said. B-share prices also closed the morning lower amid profit-taking following sharp gains triggered by the launch at end-Feb of a policy giving domestic individuals formal access to the B-share market, they said. B-share turnover remained large amid continued strong domestic buying driven by hopes of further sharp gains, they said. The component A- and B-share index closed 45.77 points lower at 4,690.77 on turnover of 4.82 bln yuan after trading to a high of 4,734.62 and a low of 4,690.04. The A-share sub-index dropped 48.97 points to 5,266.02 on turnover of bln yuan after trading between 5,311.29 and 5,265.19. The B-share sub-index closed 25.65 points lower at 1,523.13 after trading between 1,572.76 and 1,522.22. Shenzhen Development Bank dropped 0.12 yuanto 16.01 on 6.4 mln shares. Angang New Steel dropped 0.02 yuan to 4.59 on 2.2 mln shares, while Panzhihua New Steel shed 0.01 yuan to 8.22 on 1.6 mln shares. Beijing Shougang rose 0.14 yuan to 11.19 on 5.8 mln shares. China Baoan rose 0.07 yuan to 7.37 on 3.7 mln shares. Among B-shares, Guangdong Electric Power dropped 0.18 hkd to 5.41 on 24.1 mln shares, while Bengang Steel Plates shed 0.06 hkd to 3.93 on 36 mln shares. Shenzhen SEG rose 0.01 hkd to 3.6 on 12.6 mln shares.

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