Red chips, H shares fall on eve of debut

PUBLISHED : Tuesday, 29 March, 1994, 12:00am
UPDATED : Tuesday, 29 March, 1994, 12:00am

A NUMBER of red chips and H shares lost ground in busy trading on the eve of the market debut of H share Yizheng Chemical Fibre, which starts trading today.

Shanghai Petrochemical surrendered 5.102 per cent, or 12.5 cents, to $2.325 on the back of the day's second heaviest volume of 19.20 million shares that produced turnover of $46.73 million.

Guangzhou Investment also booked a loss during active trading. It lost 0.943 per cent, or 2.5 cents, to $2.625 as 17.12 million shares - the day's third highest volume - worth $46.46 million changed hands.

Shougang Grand edged up 1.587 per cent, or five cents, to $3.20, chalking up the day's fifth highest trading volume of 16.14 million shares on turnover of $52.16 million.

However, Shougang International came off 3.053 per cent, or 10 cents, to $3.175 on the day's ninth highest volume of 10.94 million shares on turnover of $36.08 million.

China Resources finished as the tenth biggest loser, dumping 5.714 per cent, or 20 cents, to $3.30 on turnover of $2.13 million and a volume of 630,000 shares.

Despite the general weak sentiment in banking counters, Ka Wah Bank slotted into the top 10 performers list.

It strengthened 7.317 per cent, or 30 cents, to $4.40 on turnover of $11.71 million and a trading volume of 2.67 million shares.

Shangri-La Asia swung from strong leaps at the end of last week to dip 12.097 per cent to end as one of the day's biggest losers.

Its price sank $1.50 to $10.90 on turnover of $5.97 million generated by 501,166 shares traded.

Brokers said the fall on trimmed turnover was a normal correction from the counter's puzzling jump of 9.73 per cent, or $1.10, last Friday when it posted saw 1.22 million shares traded for turnover of $15.03 million.

That followed its Thursday gain of 50 cents on a volume of 1.25 million shares.

Topping yesterday's performers' list was South China Brokerage, which soared 12.821 per cent, or 25 cents, to $2.20 on turnover of $373,250 generated by 170,000 shares changing hands.

But parent group South China Holdings discarded 8.911 per cent, or 22.5 cents, to $2.30 as the day's fourth biggest loser, registering turnover of $2.26 million as 932,200 shares were traded.

Guoco Group dipped 7.534 per cent, or $2.75, to $33.75 as the day's seventh's biggest loser on turnover of $14.75 million as 419,000 shares changed hands.

Second-line and third-line stocks appeared to fare slightly better yesterday than blue chips, with the Vickers Ballas Smaller Companies' Index down 0.36 per cent, or 9.84 points, to 2,717.93.

That compared with the 0.40 per cent fall in the Hang Seng Index.

Le Saunda Holdings repurchased 1,000,000 ordinary shares at a price per share of $1.55 on Friday.