Shenzhen turnover a lift for B counters
SHENZHEN B shares closed mixed yesterday in trading that was an improvement on the lacklustre turnover of recent weeks.
The Credit Lyonnais B index closed up 1.23 points, or 0.11 per cent, on 1,075.37. Total turnover was HK$8 million.
Shenzhen Real Estate was the day's best performing stock, closing up 6.3 per cent at $3.50 with 40,000 shares traded, according to Bloomberg.
Among active stocks, China Container dropped 0.9 per cent to $6.68 on turnover of $2.01 million. Lizhu Pharmaceutical was unchanged at $4.90 on turnover of $3.09 million.
News that China plans to expand B share issues this year in a bid to revive the market had little effect on the market, traders said.
China Securities Regulatory Commission chairman Liu Hongru announced the plan in Beijing yesterday, but declined to say how many companies would list this year.
Sources close to the commission said at least 50 new B shares would be listed, double last year's figure.
''The market would have a lot of trouble absorbing that many companies,'' said Stephanie Guz, a China analyst with Smith New Court. The Credit Lyonnais A share index closed down 37.7 points, or 3.05 per cent, on 1,198.49.