SHANGHAI B shares rose yesterday in light trading as investors awaited upcoming company results, according to traders. ''There is no obvious incentive to invest right now, so volume levels have all but dried up,'' said a broker with Nikko Securities. The Credit Lyonnais Shanghai B-share index rose 8.63 points, or 1.22 per cent, to 712.60. In all, 14 stocks closed up, four down and nine were unchanged. Turnover was just US$2.43 million with four stocks failing to record transactions, according to Bloomberg. ''Many investors are waiting for the next batch of company results before committing funds,'' said Paul Vibert, senior China analyst with Barings Securities. ''A lot of new China funds have been established of late so there is money out there. It is just a question of when this money enters the market,'' he said. Early company results have been solid rather than spectacular for two benchmark stocks, Dazhong Taxi and spinning frame and dyeing machine manufacturer Erfangji. Dazhong shares rose three per cent to 80 US cents, while Erfangji ended unchanged at 30.4 cents. Shanghai Diesel continues to impress, rising 0.2 per cent to 89 cents with 296,000 shares traded. The Credit Lyonnais Shanghai A index was down 38.12 points, or 1.22 per cent, to 3,089.76.
