Shanghai shares close morning lower amid doubts over institutional support

SHANGHAI (AFX-ASIA) - A-share prices closed the morning lower amid heightened doubts over the level of institutions' commitment to supporting prices, following the release of figures indicating that many domestic securities investment funds trimmed their positions in shares during the first quarter, dealers said.	    The securities funds' quarterly statements, released late last week, indicated a general reduction in the funds' shareholdings as a proportion of net assets, with some funds reducing this proportion by as many as 30 percentage points.	    The A-share index dropped 13.77 points to 2,234.74 on turnover of 9.15 bln yuan after trading between 2,253.79 and 2,228.68.	    Sentiment was also cautious amid concerns that A- and B-share prices are already high, having recently risen to a series of record highs, while there are also ongoing concerns about the government's plans for the flotation of state shares in listed firms, they said.	    News that the Shanghai Stock Exchange has rejected Shanghai Narcissus' application for a delay in its delisting had little impact on sentiment towards loss-making firms facing the threat of delisting, with most of these closing the morning higher, they added.	    B-share prices closed the morning sharply lower after dropping from their initial highs as institutional support for key large-caps was offset by profit-taking, they said, adding that B-shares are ripe for a correction after recently rising to a series of record highs.	    The B-share index closed 3.79 points lower at 182.68 after trading between 188.00 and 181.72.	    The composite A- and B-share index closed 13.89 points lower at 2,138.44 on turnover of 10.85 bln yuan after trading to a high of 2,157.51 and a low of 2,132.55.	    The SSE-30 index dropped 31.55 points to 3,977.37.

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