China B-shares end morning firmer; little impact from bank reserve hike-UPDATE |
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Tue, 31 Jul 2007 05:57
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SHANGHAI (XFN-ASIA) - China B-shares ended the morning slightly higher, with investors viewing the bank reserve requirement hike as having only a mild impact on the market, dealers said.The central bank announced late yesterday a 50 basis point hike in the bank reserve requirement, citing a need to curb rapid credit growth and cool an overheating economy.'The hard-currency market fell early due to concerns over the reserve requirement hike, but shares came off their lows later,' a Shanghai analyst said.On the Shanghai B-shares market, Shanghai Potevio Co Ltd (SHB 900930; SHA 600680) led the gains, rising 0.096 usd or 10 pct to 1.056The company said it plans to issue up to 80 mln additional A-shares to its largest shareholder.Jiangsu Xincheng Real Estate Co Ltd (SHB 900950) added 0.177 usd to 2.606, after it won a government land auction in Wuxi city.On the Shenzhen B-share market, Anhui Gujing Distillery Co Ltd (SZB 200596; SZA 000596) gained 1.16 hkd to 13.25.CSG Holding Co Ltd (SZB 200012; SZA 000012), one of China's largest glass producers, gained 0.36 hkd to 9.26, after announcing plans to set up a float glass joint venture with Hong Kong's Hetai Enterprise.The Shanghai B-share Index rose 3.25 points to 320.81 and the Shenzhen B-share Index was up 6.17 points at 780.53.The FTSE/Xinhua China B 35 Index rose 24.77 points to 11,166.43.The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, ended the session up 3.32 points or 0.07 pct at 4,444.09.(1 usd = 7.56 yuan)lilian.wu@xfn.com-xfnlw/xfntmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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China B-shares end morning firmer; little impact from banks reserve hike 