China B-shares close higher; property stocks in favor - UPDATE |
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Mon, 16 Apr 2007 08:59
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SHANGHAI (XFN-ASIA) - B-shares in Shanghai and Shenzhen closed higher with property developers gaining ground on the back of a strong yuan, dealers said.The Shanghai B-share Index was up 4.45 points at 194.77 on turnover of 816.32 mln usd and the Shenzhen B-share Index was up 7.79 points at 554.91, a fresh all-time high, on turnover of 680.17 mln hkd.'The hard currency markets tracked gains in their counterparts, with real estate developers in demand thanks to a rising yuan,' a Shanghai analyst said.The yuan finished Friday at 7.7217 to the dollar on the over-the-counter (OTC) market, compared with the previous close of 7.7260. The central bank today set the yuan central parity rate at a record of 7.7220 to the dollar.Jiangsu Xincheng Real Estate Co Ltd (SHB 900950) was up its 10 pct daily limit at 2.054 usd.Shanghai Lujiazui Finance & Trade Zone Development Co Ltd (SHB 900932; SHA 600663) was up 0.046 usd or 2.78 pct at 1.70. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd (SHB 900912; SHA 600648) was up 0.028 or 3.67 pct at 0.790.On the Shenzhen B-share market, China Vanke Co Ltd (SZB 200002; SZA 000002) was up 0.55 hkd or 3.34 pct at 17.0. It said the sale of 626,000 square meters of property in the first quarter, valued at 4.61 bln yuan.Shenzhen International Enterprise Co Ltd (SZB 200056; SZA 000056) was up 0.18 hkd or 4.33 pct at 4.34. China Merchants Property Development Co Ltd (SZA 000024; SZB 200024) was up 0.12 hkd or 0.56 pct at 21.38.The FTSE/Xinhua China B 35 Index was up 125.06 points at 7,504.71.The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 78.17 points, or 2.22 pct, at 3,596.44, a fresh all-time closing high, after moving between 3,523.22 and 3,597.22.Turnover fell to 145.54 bln yuan from 166.49 bln in the previous session.(1 usd = 7.73 yuan; 7.8 hkd)lake.xu@xinhuafinance.com
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China A-shares end morning slightly higher on technical rebound after slump 