Shenzhen A-shares close flat; B-shares higher
SHENZHEN (AFX-ASIA) - A-share prices closed flat, after institutional support lifted prices from their lows in the final minutes of trade, while turnover remained thin amid a lack of fresh leads, dealers said. Despite the declines, underlying sentiment was firm amid hopes that the expected launch of open-ended securities funds will boost market liquidity, and expectations that institutions which retain large market positions will remain under pressure to push share prices higher, they said. B-share prices closed higher in volatile trade, after rebounding from their mid-session lows as institutional support offset profit-taking, they said. While there are still expectations of a surge in liquidity from June 1, when domestic individuals gain the right to use foreign currency deposited after February 19 to invest in B-shares, there are also concerns that B-shares could undergo a sharp correction if the expected surge in buying fails to materialise, they said. The component A- and B-share index gained 0.05 points to 4,831.99 on turnover of 10.91 bln yuan after trading to a high of 4,842.32 and a low of 4,795.09. The A-share sub-index declined 6.87 points or 0.13 pct to 5,249.02 on turnover of 8.39 bln yuan after trading to a high of 5,262.59 and a low of 5,211.95. The B-share sub-index closed 32.92 points or 1.4 pct higher at 2,372.68 after trading between 2,384.97 and 2,328.21. Monkey King shed 0.12 yuan to 7.61 on 6.7 mln shares, while Fujian Jiuzhou dropped 0.28 yuan to 6.69 on 6.9 mln shares. China Vanke declined 0.19 yuan to 14.24 on 3.6 mln shares. FAW Car fell 0.01 yuan to 6.9 on 3 mln shares. Angang New Steel shed 0.04 yuan to 4.55 on 4.8 mln shares. Shenzhen Development Bank gained 0.01 yuan to 15.56 on 2.8 mln shares. Among B-shares, China Southern Glass rose 0.47 hkd to 11.35 on 15.5 mln shares, while Chongqing Changan gained 0.07 hkd to 5.53 on 10.7 mln shares. Guangdong Expressway shed 0.02 hkd to 6.2 on 13.1 mln shares, while Guangdong Electric Power rose 0.01 hkd to 7.41 on 11.6 mln shares.
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