US funds give lift to rising B shares
THE Shanghai B-share index rose yesterday for the fifth successive session as new US-based China funds apparently started buying selected stocks, traders said.
''There are a number of new US China funds, and they are required to have a certain amount of B shares in their portfolios,'' said Newman Mou, a dealer with Smith New Court Far East.
The Credit Lyonnais B-share index rose 0.14 per cent to close at 718.75 points.
Turnover was US$5.22 million, higher than in recent days, even though six companies suspended trading for the day, either to hold shareholders' meetings or publish annual reports.
Seven stocks closed up, nine down and five unchanged, according to a Bloomberg report. Three stocks had turnover of more than a million shares.
One surprise among the most actives was refrigeration unit and air-conditioner manufacturer Shangling, which has made small gains in recent weeks after falling to as low as 52 cents on January 31 from an initial offer of 75 cents.
The stock fell one cent to 59 cents, with almost 1.2 million shares changing hands.
Real estate developer Jinqiao continued to slide, two days after revealing plans for a three-for-10 rights issue, an unpopular move with both foreign and mainland investors.
The Credit Lyonnais A-share index rose 23.87 points, or 0.72 per cent, to close at 3,328.97.