Shenzhen A-shares close morning higher; B-shares flat in volatile trade

SHENZHEN (AFX-ASIA) - A-share prices closed the morning higher amid institution-led gains in Shenzhen Development Bank, dealers said. B-share prices closed the morning flat in continued volatile trade, while turnover was thinner than seen recently, dealers said. The A-share sub-index closed the morning 54.33 points higher at 5,327.08 on turnover of 2.63 bln yuan after trading between 5,328.98 and 5,245.38. The B-share sub-index closed 0.95 points lower at 1,526.44 after trading between 1,545.98 and 1,509.00. The component A- and B-share index closed 45.27 points higher at 4,742.48 on turnover of 3.74 bln yuan after trading to a high of 4,744.63 and a low of 4,672.89. Analysts said there was no clear reason for the sharp gains in Shenzhen Development Bank, although there was speculation that the gains were related to recent news that investment company Xinjiang Delong International Industrial will acquire 25 mln legal person shares in Shenzhen-listed Shenzhen Development Bank from Haitong Securities. Xinjiang Delong has a reputation for triggering sharp gains in stocks in which it has a strategic interest, they said. The thinner B-share turnover was partly due to the suspension of 11 B-shares during the morning session under a rule which requires companies to take a half-day suspension after their shares have closed limit-up for three consecutive days. In addition, many B-shares have already changed hands in heavy trade over the last two weeks, and new B-share holders are now likely to hold their shares until further gains have created leeway for profit-taking, they said. Shenzhen Development Bank rose 0.81 yuan to 16.81 on 21.2 mln shares. Angang New Steel gained 0.05 yuan to 4.64 on 2.4 mln shares, while Beijing Shougang rose 0.03 yuan to 11.22 on 1.5 mln shares and Panzhihua New Steel rose 0.02 yuan to 8.23 on 976,000 shares. Searainbow rose 0.46 yuan to 26.29 on 1.5 mln shares. FAW Car shed 0.01 yuan to 7.1 on 1.1 mln shares. Among B-shares, Shenzhen SEG rose 0.3 hkd to 3.9 on 22.5 mln shares, while Shandong Airlines gained 0.04 hkd to 5.58 on 17.9 mln shares. Bengang Steel Plates rose 0.07 hkd to 3.87 on 15.2 mln shares. Foshan Huaxin Packaging gained 0.03 hkd to 5.7 on 11.1 mln shares.

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