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SCMP Reporter

ALLIED Group saw heavy turnover and a significant price rise yesterday after around five days of continuous active trading.

  Turnover of $551.74 million made it the second most heavily traded stock of the day. The stock's trading volume, 423.01 million shares, was the largest.

  The share rose 11 cents or almost nine per cent to $1.34.

  Allied Properties (HK) was the fourth-most actively traded stock with a share volume of 28 million worth $70.53 million as the share price rose five cents to $2.50.

  Hang Seng Index constituents made up 7.3 per cent of market activity, against six per cent on Wednesday, and nine per cent on Tuesday.

  The top 10 blue chip stocks by dollar turnover made up 39.3 per cent of the cash value of trading, up on the 39 per cent of Wednesday but down on the 41 per cent scored on Tuesday.

  These figures indicate market activity remains primarily in the larger stocks and there are no strong signs of any widening in the focus of institutional investors.

  Tak Wing Investments remained a strong performer. It stated on Wednesday that management could not explain the sudden up-surge in turnover and price.

  The building construction group, which is in civil engineering, property investment and development, along with estate management, saw its stock rise by some 17 per cent, 28 cents, to $1.95, making it the third-best performer of the day.

  Turnover was $28.34 million, with 14.7 million shares changing hands. Tuesday's volume was just $5.1 million on 3.2 million shares.

  Yesterday the stock was up another 22.5 cents, 11.5 per cent, to $2.175. Turnover was $27.83 million and share volume was 13.11 million.

  South China Holdings was up 35 cents or almost 11 per cent to $3.60 on a turnover of $1.56 million and a share volume of 472,000.

  The worst-performing stock of the day was Texwinca Holdings which fell 9.6 per cent or 25 cents to $2.35 on thin turnover of $97,000 or 40,000 shares.

  Tem Fat Hing Fong slid 15 cents to $2.05 on a turnover of $2.97 million and a share volume of 1.4 million.

  Investment fund Thai Asia slumped 60 cents to $10.30 on a turnover of $276,000 and a share volume of 26,800.

  Mainland-linked firms had a busy, but mixed day.

  Paragon Holdings was the fifth most-active stock of the day. It slid one cent to 41 cents on a turnover of $10.58 million and a share volume of 25.93 million.

  Steel-maker Maanshan Iron and Steel slid five cents to $3.625 on a turnover of $84.96 million and a share volume of 23.68 million.

  Shanghai Petrochemical gained 12.5 cents to $2.80 on a turnover of $50.6 million and a share volume of 18.69 million.

  The mainland listings have been suffering from persistent selling as uncertainty clouds China's economic story and rumours of the valuations for the next batch of listings of H shares threaten to undermine the share values of those already trading locally.

  Trading in second and third liners is expected to slow ahead of the Lunar New Year.

    The only exceptions are special situations linked to transactions and shareholder activity.



Allied price increases on heavy turnover