Most Chinese markets slip back

PUBLISHED : Monday, 01 November, 1993, 12:00am
UPDATED : Monday, 01 November, 1993, 12:00am

THE Chinese markets finished mostly lower last week, with both B indices losing ground as investors dumped shares ahead of listings.

Investors were selling stocks to buy the listings which are slated before the end of the year.

The Credit Lyonnais Shanghai B index ended the week at 780.56, down from the previous week's close of 811.7.

The Shanghai A index ended marginally up at 4,828.28 against 4,825.25 the week before.

In Shenzhen the A index closed at 1,824.53 compared with 1,846.06, while its B-share counterpart finished at 1,084.01 against 1,082.86.

The Shanghai B market had an inauspicious start last week when a computer breakdown marred the introduction of new rules designed to improve turnover.

The computer glitch lasted well into the week.

Brokers blamed the Shanghai Securities Exchange for the problem, one saying the ''reform was too rash and not well-prepared''.

The listing of Guangzhou Shipyard on the Shanghai A market gave investors a paper profit of 28 per cent on the debut.

Guangzhou Shipyard now replaces Tsingtao Brewery as the market's largest counter.

Shanghai Yanzhong ended the week up as speculators tried to boost its price to exit with a profit.

Xinhua (the New China News Agency) reported on Friday that Shanghai had listed two more stocks, bringing to 100 the number of listed companies.

Both are Guangzhou-based - Zhujiang (Pearl River) Industrial and Commercial and Guangchuan International.