SHANGHAI'S B-share market reversed the trend of recent days when it rose yesterday, against a slide on the A-share market. After being left in the shadows by the rampant A-share charge, the Credit Lyonnais B-share index climbed 10.81 points, or 1.18 per cent, to close at 930.58. Turnover was US$8 million, Bloomberg reported.
Dazhong Taxi shed another 3.6 per cent after losing 2.2 per cent on Tuesday on high volume.
Among the stocks to gain in Shanghai was Refrigerator Compressor which supplies refrigerator compressors to two major Chinese refrigerator manufacturers. It rose 3.9 per cent to 47.6 US cents.
Leung said there was some switching into the stock from glass maker Shanghai Yaohua Pilkington Glass. This is because Pilkington is now trading on a prospective price-to-earnings ratio of about 18 times for 1994, making it much more expensive when compared to the 15 times for Refrigerator Compressor.
Pudong property developers Outer Gaoqiao and Jinqiao continued to advance, both putting on about 2.7 per cent.
The A-share market slipped back as some investors realised that hopes of a sudden influx of foreign money were premature, analysts said.