SHANGHAI B shares edged higher yesterday, with foreign investors on the lookout for bargain stocks that have fallen heavily in recent weeks, according to traders.
''From last Thursday, we have seen buying interest in certain counters from overseas investors and a slight pick-up in turnover,'' said Samson Chau, of Peregrine Brokerage. ''Today that buying interest spilled over to other stocks.'' The Credit Lyonnais Shanghai B share index closed up 3.41 points, or 0.48 per cent, at 719.5.
Turnover was moderate at US$3.96 million, with 10 stocks up, eight down and nine unchanged, according to Bloomberg.
One beneficiary was air-conditioner manufacturer Shangling, which put on two cents, or 3.6 per cent, to close at 57 cents.
Another company to gain was Erfangji, a manufacturer of spinning frames and dyeing machines. The most active stock, with 1.4 million shares traded, it closed up three per cent at 34 cents after reaching 36.8 cents in early trading.
Erfangji is still trading 38 per cent below its year's high of 55 cents.
