Trading activity slow for smaller issues

PUBLISHED : Wednesday, 29 March, 1995, 12:00am
UPDATED : Wednesday, 29 March, 1995, 12:00am

LAGGARDS were generally buoyed by the strength of the overall market yesterday in relatively quiet trading.

Most investors were focusing on the heavyweights, with non-blue-chip counters taking up only 20.1 per cent of total turnover of $4.9 billion.

Chinese medicine company Tung Fong Hung was the big gainer yesterday. Its shares rose 11 cents, which represents a robust jump of 20 per cent, to close at 66 cents. Turnover was a modest $7.2 million.

The company announced earlier plans to place 66.37 million new shares, representing a 13.04 per cent stake, to independent third party Chan Kwok-hing.

The company also will raise $31 million from the issue of new shares at 47.5 cents each.

The company had its plans for the sale of 27 million shares rejected by the Securities and Futures Commission on December 14 last year as it could not prove the shares were placed to an independent third party.

Another gainer yesterday was China Overseas which saw its share price rise 10 cents, or 6.9 per cent, to close at $1.54 after the announcement of its final result.

Volume was 11.4 million shares worth $17.4 million.

The company announced a strong growth in profit yesterday, well above market expectations.

Its attributable profit rose by 62 per cent to $889 million in the year to December 31.

The result of Applied International pushed its share price in the other direction. The counter shed seven cents, or 8.97 per cent, to 71 cents on turnover of $6.8 million.

The company on Monday announced a 97 per cent plunge in attributable profit.

It blamed a dispute with North American senior staff for having dragged the profit down dramatically to $1.78 million.

H shares lost steam yesterday after buoyant trade on Monday. The sector took up only 2.3 per cent of total turnover.

The Hang Seng China Enterprises Index rose 27 points, representing a meagre 0.03 per cent to close at 1,014.81 points. H share Maanshan rose two cents, or 1.2 per cent, to close at $1.69.