SHANGHAI B shares rose in light trading as investors stayed on the sidelines ahead of the trading debuts of two new stocks.
'The good counters are getting expensive, so people are waiting for the new issues,' said Julie Leung, a trader with Sassoon Securities. The newcomers are Shanghai China International Travel and Shanghai Post and Telecommunications Equipment Co.
Two big market-capitalisation stocks, chicken-feed manufacturer Dajiang and Phoenix Bicycle, pushed the index higher after both had fallen in the past few days.
'There was a big crossing of Phoenix shares,' said Joyce Leung, a trader with Sun Hung Kai Securities.
Shares in China's largest bicycle producer rose 2.9 per cent to 70 US cents on trading worth US$1.22 million, reversing Monday's 2.9 per cent fall. Dajiang rose 4.3 per cent to 53.2 cents, Bloomberg reported.
The Credit Lyonnais Shanghai B Index rose 5.39 points, or .59 per cent, to close at 914.57. on trading worth $4.83 million. The A-share index was down 51.05 points, or 1.05 per cent, to close at 4,796.19.