Turnover up but B shares keep falling

SHENZHEN shares closed lower yesterday with just eight stocks traded although there was a big jump in turnover.

The Credit Lyonnais Shenzhen B index dropped 16.18 points, or 1.42 per cent, to 1,120.65.

Turnover jumped 24 per cent to $7 million with most attention focused on property developer Gintian, which accounted for 47 per cent of total turnover, according to Bloomberg.

Gintian shares slipped 0.8 per cent to $6.25.

Home appliance maker Tsann Kuen China Enterprise also was actively traded, with $2 million worth of shares traded. It edged down five cents, 1.1 per cent, to $4.70.

Fallers included China Container, which tumbled 13.5 per cent to $6.70 on light trading, and Shekou Port, which lost 7.5 per cent to $4.90.