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.
''Shenzhen's day-to-day liquidity remains low and most investors prefer to stick to Shanghai,'' said Jerry Pang from Barclays De Zoete Wedd (Asia).
Watchmaker Shenzhen Fiyta fell 4.7 per cent to $4.10.
Shenzhen Properties was the only gainer at the Shenzhen exchange, going up two per cent to close at $5.10.
The Credit Lyonnais Shenzhen A index ended 86.41 points, or 7.63 per cent, down to close at 1,045.41, with 356.8 million yuan worth of shares traded.