BEIJING (XFN-ASIA) - China B-shares ended the morning higher led by property
developers on hopes that the authorities will keep stock markets stable in the
run-up to next month's Olympics, dealers said.
"Property shares soared in the morning as expectations have accumulated that
markets will be boosted in the approach to the Olympic Games," an analyst who
asked not to be identified said.
"The sustained decline in oil prices and a revival in overseas markets also
eased worries," he said.
Airlines rose after a fall in crude prices.
Light, sweet crude tumbled 3.98 usd to 124.44 usd a barrel on the New York
Mercantile Exchange. Oil prices have fallen more than 15 pct from the peak of
147.27 usd set at the beginning of the month.
The Shanghai B-share Index rose 0.99 points or 0.46 pct to 214.73, while the
Shenzhen B-share Index was up 5.87 points or 1.27 pct at 466.52.
In Shanghai, Jiangsu Xincheng Real Estate (SHB 900950) rose 1.65 pct to 0.56
usd after losses yesterday while Shanghai Friendship Group (SHB 900923; SHA
600827) rose 3.33 pct to 1.15 usd.
Shanghai Wai Gaoqiao Free Trade Zone Development (SHB 900912; SHA 600648)
advanced 0.12 pct to 0.81 usd after its shares were suspended for an hour this
morning, with the authorities citing abnormal trading patterns.
In Shenzhen, Anhui Gujing Distillery (SZB 200596; SZA 000596) rose 5.98 pct
to 7.44 hkd while Foshan Electrical and Lighting (SZB 200541; SZA 000541) rose
5.79 pct to 6.94 hkd.
China Vanke (SZB 200002; SZA 000002) continued yesterday's gains, rising
4.23 pct to 9.37 hkd. China Merchants Property Development (SZB 200024; SZA
000024) was up 0.76 pct at 11.94 hkd.
Shandong Airlines (SZB 200152) rose 1.31 pct to 3.88 hkd.
The FTSE/Xinhua China B 35 Index was up 69.15 points at 7,418.29.
The benchmark Shanghai Composite Index, which covers both A- and B-shares
listed on the Shanghai Stock Exchange, ended the morning up 21.75 points or 0.77
pct at 2,859.60.
susan.wang@xfn.com
-
xfaws/xfntm
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|