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SCMP Reporter

SHANGHAI'S B-share market yesterday tracked the hysterical A-share index in topsy-turvy trading, according to traders.

  The Credit Lyonnais Shanghai B Index closed down 3.05 points, or 0.35 per cent, at 867.47 points, rebounding from an intra-day low of 842.5 points.

  Shares worth US$10.07 million changed hands.

  The A-share market was even more volatile, being down 18 per cent early, before finishing up 442.25 points, or 12.31 per cent. It closed at 4.035.42.

  'Locals started buying B shares in the afternoon,' said Joyce Leung, a trader with Sun Hung Kai Securities.

  Among active stocks, new listing Shanghai China International Travel rose 1.4 per cent to 45 cents on trading valued at $930,000. The stock fell 10.6 per cent on Wednesday after surging more than 40 per cent from its issue price when it listed on September 28.

  Yaohua Pilkington Glass rose 1.6 per cent to $1.27 on trading valued at $1.52 million. The glass-maker is a favourite with foreign fund managers because of its strong management and earnings potential once new production lines start operations.

  Radial tyre-maker Shanghai Tire and Rubber jumped 5.9 per cent to 57.2 cents, having fallen almost seven per cent in the previous four trading days.

  Chinese share prices soared in a dramatic afternoon turnaround after the Foreign Ministry denied speculation that senior leader Deng Xiaoping was close to death.

  Prices also were boosted by speculation that China's securities authorities were poised to introduce new measures to boost the market, Ms Leung said.

  'The big institutions just stepped in and said, 'Enough is enough,' and started buying,' said Chen Hong, a trader with Shenzhen's J & A Securities.

  'Trading turnover shot up in the afternoon once the rumours subsided,' he said. 'I'd say it went up three to fourfold in Shanghai compared with the morning.'         Speculation has been abundant in Shanghai this week, with Mr Deng's health and China's economic plans the hottest topics.



B-share index gets caught in hysteria