Mainland shares closed higher yesterday on a technical rebound as worries over a deluge of shares from new issues tapered off.
The Shanghai B-Share Index erased some gains to end 0.484 point stronger at 54.856 points on lower turnover of US$11.14 million from $15.13 million.
The Shenzhen B-Share Index finished 1.93 points higher at 110.49. Turnover plummeted to HK$63.5 million from $141.29 million.
'The indices bounced back [yesterday] on technical reasons,' Ping An Securities analyst Wu Zhanfeng said.
Traders said some funds were diverted to old counters from Thursday's new listings - one on Shenzhen's B-share market and four on A-share exchanges.
'There aren't as many listings on the A-share market as [Thursday]. So the A stocks went up and B shares followed them,' Mr Wu said.
Market interest in Foshan Huaxin Packaging, the first B-share initial public offering in a year, cooled with turnover plunging to HK$16.09 million from Thursday's $80 million. The counter still ended the day higher, however.