Investors take their gains in H shares

PUBLISHED : Wednesday, 27 July, 1994, 12:00am
UPDATED : Wednesday, 27 July, 1994, 12:00am

FOLLOWING their rally last week as American buying interest revived, H shares took a slight dip yesterday on profit-taking amid quiet trading on thin turnover of $2.46 billion.

Guangzhou Investments fell one cent to $2.21 while Maanshan Iron dropped four cents to $2.55.

Guangzhou Shipyard fell six cents to $2.70.

H shares and China-play shares are expected to see dull trading for the time being as the mainland awaits Friday's meeting in Geneva which will discuss its application to rejoin the General Agreement on Tariffs and Trade (GATT).

If discussions are successful, China will re-enter the trade body by January 1 and become a founding member of the World Trade Organisation.

It will augur well for the country and enhance investor confidence because China would then be a party to international rules to which it would be forced to adhere.

Shares in C P Pokphand, a major player in the poultry business and which earns more than half its profits in China, increased 20 cents yesterday to $2.30.

The sudden spotlight on retail stores after Joyce Boutique announced a 100 per cent increase in profits last week continued.

Jusco Stores, which was listed earlier this year, rose 16 cents to $1.28.

The upswing in the hotel industry, with visitors to the territory increasing, and shrinking room inventory pushing up occupancy rates to about 80 per cent, was not reflected in hotel stocks.

They gave a mixed performance with Hong Kong and Shanghai Hotels remaining unchanged at $11.80 while Mandarin Oriental dropped 15 cents to $9.90.

Miramar Hotel edged up 10 cents to $20.40.

Transport company Winton Holdings, which provides financing for taxis, jumped 18 cents to $2.93.