Shenzhen shares close lower in technical correction

SHENZHEN (AFX-ASIA) - A-share prices closed lower on a technical correction following recent institution-led gains in key large-cap stocks, dealers said. B-share prices also closed 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 39.35 points or 0.83 pct lower at 4,697.20 on turnover of 10.35 bln yuan after trading to a high of 4,734.62 and a low of 4,676.52. The A-share sub-index dropped 42.25 points or 0.8 pct to 5,272.75 on turnover of 6.04 bln yuan after trading between 5,311.29 and 5,248.52. The B-share sub-index closed 21.40 points or 1.38 pct lower at 1,527.39 after trading between 1,579.95 and 1,522.22. Shenzhen Development Bank dropped 0.13 yuan to 16.0 on 13.1 mln shares. FAW Car closed unchanged at 7.11 on 3.3 mln shares. Among B-shares, Guangdong Electric Power dropped 0.19 hkd to 5.4 on 36.9 mln shares, while Bengang Steel Plates shed 0.19 hkd to 3.8 on 74.4 mln shares. Chongqing Changan declined 0.02 hkd to 3.1 on 23.7 mln shares. Shandong Airlines rose 0.26 hkd to 5.54 on 27 mln shares.

Related stock : (NIL)