Low volume leaves index in a muddle

POOR volume saw Shenzhen B shares close mixed yesterday, with just 10 stocks traded. ''There is not a lot to be said about this market,'' said a broker in Hong Kong.

The Credit Lyonnais B-share index closed down 2.83 points, or 0.26 per cent, at 1,078.91. Bloomberg reported that four stocks closed higher, three lower and three unchanged. The A-share market was also down, losing 37.51 points, or 3.01 per cent, to close at 1,209.16.

Watchmaker Fiyta extended recent gains, surging another 7.8 per cent to HK$4.80. The stock has risen 25 per cent since announcing strong earnings last week.

''The company's results were well-received by the market,'' said Alison Luo, a China analyst with Yamaichi Securities.

Chiwan Wharf was the day's most active stock, ending the day unchanged at $3.50, with 148,000 shares traded.

China Bicycle slipped 2.45 per cent to $5.95 on trading of 100,000 shares, while television manufacturer Konka fell 1.26 per cent to $7.80.

Real estate stocks closed higher, with Gintian up 10 cents to $5.70, and Shenzhen Real Estate up 10 cents at $3.20.