SMALLER companies and H shares traded actively yesterday, taking up more than 30 per cent of the overall trading volume. The 33 Hang Seng Index constituent stocks accounted for only 66.83 per cent of the $3.26 billion turnover, while small to medium-sized companies took 29.3 per cent and H share 3.85 per cent. In line with the Hang Seng Index's 42.06-point slip, the Hang Seng China Enterprises Index dipped 0.96 per cent to close 9.82 points lower at 1,015.14. H share Tsingtao Brewery was the worst performer, losing 8.28 per cent to close 35 cents lower at $3.875 on a turnover of $9.71 million. Red chip Denway Investment dropped 6.66 per cent or five cents to 70 cents, paring Thursday's gains. The mainland motor company was one of the biggest losers. According to Bloomberg data, the company's share price has plunged more than 60 per cent since February last year. It has also underperformed the Hang Seng Index by 50 per cent. Heavy trading in H share Maanshan Iron pushed the price up two cents or 1.29 per cent to $1.56 with 15.64 million shares changing hands. Another heavily traded H share was Shanghai Petrochemicals, which saw 10.33 million shares traded. But the share price finished the day unchanged at $2.125. Analysts said investors started to pick up some quality H shares as mainland economic growth showed signs of cooling. It is forecast that both growth and inflation are expected to fall this year. Unlike last year which saw a number of H shares listed on the exchange, many state-owned enterprises shelved their overseas flotation plans amid the bearish stock market environment in the territory. Red chip Guangzhou Investment also underwent active trading, with 8.81 million shares changing hands. The counter finished the day flat at $1.50. Lamex, which saw a collapse in the share price over the past few days, rebounded to become one of the top 10 best performers, rising 21 cents or 10.55 per cent to $2.20. On Thursday, the counter plummeted to $2, its lowest level since July 30, 1993.
