Shenzhen A-shares close lower; B-shares sharply lower

SHENZHEN (AFX-ASIA) - A-share prices closed lower with sentiment weakened in response to sharp declines on the B-share market,dealers said.    B-share prices closed sharply lower in heavier selling pressure following news that foreign strategic investors have sold large B-share stakes in China International Marine Container and Guangdong Expressway,they added.    The A-share sub-index dropped 38.89 points or 0.7 pct to 5,477.98 on turnover of 9.46 bln yuan after trading between 5,528.54 and 5,473.36.    The B-share sub-index closed 156.37 points or 7.36 pct lower at 1,967.70 after trading between 2,129.60 and 1,961.99.    The component A- and B-share index closed 52.12 points or 1.03 pct lower at 4,961.72 on turnover of 13.09 bln yuan after trading to a high of 5,020.16 and a low of 4,959.07.    Shenzhen-listed Guangdong Expressway earlier announced that Yi Bao Construction Overseas Investment had sold 46.9 mln B-shares in the company, amounting to a 5.6 pct stake, by March 23.    At the same time, China International Marine Containers announced that Long Honour Investments sold 17 mln B-shares in the company, amounting to a 5 pct stake, between March 7 and 27.    Analysts said the announcements highlight that foreign strategic investors have taken the B-shares' recent sharp gains as an opportunity to withdraw from the market.    As these investors have withdrawn, the market has become increasingly dominated by investors seeking short-term gains, they said, adding that this has heightened the risk that B-shares could correct sharply as sentiment turns.    Panzhihua New Steel dropped 0.1 yuan to 8.75 on 3.5 mln shares, while Beijing Shougang dropped 0.16 to 11.28 on 2.1 mln shares.    China Vanke rose 0.1 to 15.35 on 5.6 mln shares, while China Baoan gained 0.15 to 8.0 on 4.6 mln shares.    Shenzhen Development Bank closed unchanged at 16.38 on 3.7 mln shares.    Among B-shares, China International Marine Containers shed 0.96 hkd to 17.31 on 4.1 mln shares, while Guangdong Expressway dropped 0.85 to 7.64 on 14.4 mln shares.    Wuhan Boiler dropped 0.75 to 6.75 on 21.2 mln shares, while Bengang Steel Plates shed 0.47 to 4.74 on 30.4 mln shares and China Southern Glass dropped 0.95 to 8.65 on 14.2 mln shares.    

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