Shanghai A-shares close flat on lack of leads; B-shares higher

SHANGHAI (AFX-ASIA) - A-share prices closed flat amid a lack of fresh leads, dealers said.	    They said institutions continued to push up some shares in a bid to generate index gains, while expectations of further institution-led gains indicated retail selling pressure remained weak.	    Institutional buying today focused on poor quality Shanghai-listed firms seen benefiting from local government-brokered asset restructuring, while large-caps, which have recently been driven higher on institutional buying, continued to undergo a slight correction.	    Dealers said while sentiment remained supported by a widespread belief that the government is unwilling to allow prices to undergo a sharp correction, factors relating to the economy or corporate earnings continued to have little impact on share price movements.	    The A-share index closed down 5.59 points or 0.24 pct to 2,270.31 on turnover of 16.32 bln yuan after trading between 2,278.91 and 2,265.62.	    B-share prices closed higher, despite relatively strong selling pressure from foreign investors, while domestic buying remained strong amid expectations of further strong gains in the near term, dealers said.	    The B-share index closed up 4.17 points or 2.29 pct at 185.87 after trading between 186.04 and 181.84.	    B-share sentiment was little affected by news that shares in Shanghai Narcissus have been suspended pending a decision by the Shanghai Stock Exchange on whether to delay the company's delisting.	    The company, which has both A- and B-shares, is liable for delisting after it reported net losses for four consecutive years.	    Despite this news, shares in several loss-making B-shares with "special treatment" status saw continued strong gains, dealers said.	    There was also little impact from news giving further weight to concerns that many foreign investors have been using the B-shares' recent sharp gains as an opportunity to cut major positions in the market, they said.	    Jiangling Motors earlier announced that DBS sold all of its B-shares in the company, amounting to a 5.35 pct stake, between Feb 16 and April 12.	    The composite A- and B-share index closed down 4.11 points or 0.18 pct at 2,172.56 on turnover of 19.37 bln yuan after trading to a high of 2,179.74 and a low of 2,167.59.	    The SSE-30 index dropped 19.84 points to 4,071.99. 

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