SAN Miguel Brewery shares continued to bubble yesterday as investors pushed up the price in anticipation of profits from the sale of its Sham Tseng facility. The stock soared 55 cents to close at $6.60. Analysts said the brewery site could be developed into residential property, but a zoning change would be required. While the site is zoned for industrial use, pressure to increase the amount of land for residential development could result in the required rezoning. San Miguel said it was evaluating other sites for a brewery but no negotiations were under way. The lack of suitable land in the territory could see the brewer move its operations to China. San Miguel operates two joint-venture breweries in Guangdong province, so a move to the mainland would be relatively easy. Stockbroker Cheerful defied the trend of failing initial public offerings by gaining 10.4 per cent on its debut. The counter closed at $1.02, against its issue price of $1. Warrants, given at one for every five shares, closed at 42 cents. The issue raised $63.9 million and was 4.15 times oversubscribed. Cheerful provides services including stockbroking, margin financing, broking services of Hang Seng Index futures, options, bullion, commodities and foreign exchange trading. Fashion group Goldlion was one of the worst performing counters, dropping 6.1 per cent to close 15 cents lower at $2.30. Construction companies dominated the ranks of the worst performers. Companion Building was the worst performing stock, dropping 8.9 per cent, or 25 cents, to $2.55. The company operates eight shops selling imported ceramic and marble products used in building construction. Keng Fong Sin Kee dropped four cents to 44.5 cents, after zooming up 7.5 cents on Tuesday. Ryoden Development, whose property assets include the Manulife Tower in North Point and a five per cent stake in Central Plaza, dropped 17.5 cents to $2.425.