THE spate of selling shares in China-backed companies receded yesterday, with the Hang Seng China Enterprises Index recovering some of its earlier losses to finish 7.04 points up at 1,003.43. While many China-related stocks halted further falls, Min Xin went against the flow. Controlled by Fujian Investment and Enterprise Corp, the financial counter was the day's worst performer, plunging to its lowest level since 1992. It lost 18.85 per cent or 33 cents to $1.42 on extremely thin turnover. Brokers said sentiment on China-related stocks turned more positive after the heavy sell-off on Wednesday. No heavy selling was apparent in the Shougang group. Brokers said bearish investors had already sold off their Shougang shares. Traders expected investors would hesitate to buy Shougang shares in the short term. The price of key H share Maanshan Iron picked up slightly, buoyed by strong buying. The counter was heavily traded with 10.26 million shares changing hands. It rose one cent to close at $1.52. With unsettled mainland economic problems, these state-owned enterprises were expected to suffer severe pressure. 'H shares will move in line with people's expectations for the Chinese economy,' one broker said. Following the Shougang incident, and amid escalating economic problems, investors were showing more caution on red chips and H shares. The moment seems to have passed for China-related stocks. Traders expected red chips would not see any drastic movement, while H shares would be closely linked to the mainland's problems. The day's second worst performer was Truly International, although its decline was relatively small compared with Min Xin. Truly shed 6.66 per cent to close eight cents down at $1.12, followed by Lai Sun International, which also lost 6.6 per cent or 55 cents to $7.70 on a turnover of $11.42 million. The best player of the day was Burlingame, up 13.33 per cent or eight cents at 68 cents. Next was Wing Fai International, up 9.19 per cent or four cents at 47.5 cents.