SHANGHAI'S A-share index ended sharply higher yesterday in record high volume on expectations that the stock exchange would announce a reduction of new listings at its weekly briefing after the close, brokers said.
But the announcement proved less encouraging - one billion new shares to be listed in the second quarter of this year against about 1.35 billion in the first quarter, brokers said.
''The news is neither too good nor too bad, and the A index is likely to consolidate within narrow ranges on Monday,'' one trader said.
The Credit Lyonnais Shanghai A index gained 96.95 points, or 2.6 per cent, to 3,822.93.
Volume was 319 million shares worth 4.15 billion yuan, against Thursday's 294 million shares worth 3.94 billion yuan.
Beijing Tianlong was the biggest gainer, up 1.56 yuan or 33.19 per cent, to 6.26 yuan on a volume of 9.15 million shares. Traders said institutional speculation was behind the rise.
