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Stock Markets Retreat as Clean-up Continues
China's hard currency B shares retreated yesterday as slipping domestic A shares sparked selling of even Shanghai-based firms, which retail punters had expected to capitalize on the APEC meetings being held in the city this week.

The Shanghai B-share index ended down 1.39 percent at 154.257 points in thin trade as turnover halved to a skimpy US$24.21 million.

The Shenzhen B index fell 1.60 percent to 250.25.

Domestic A shares, off limits to foreign investors, closed down nearly 2 percent in slow trade as most investors appeared to be losing patience in their wait for a government rescue.

The indices have slumped more than 20 percent since July due to a regulatory campaign against market corruption. Analysts said the indices may drop even further as the market clean-up continues.

The China Securities Regulatory Commission may tighten delisting rules and already has banned unlicenced market analysts and consultants from giving share recommendations, they said.

Chinese investors had speculated that the APEC meetings, culminating in a weekend summit which US President George W. Bush and Russian leader Vladimir Putin are due to attend, would help boost the city's accommodation businesses.

But analysts and officials said the meetings may do little to raise hoteliers' full-year earnings.

The aftermath of hijack attacks on the United States, including fears of biological warfare, would continue to hit the tourism sector, they said.

Retail punters took profits in Shanghai hoteliers New Asia and Jinjiang Tower, which had jumped on Monday at the start of a week of Asia Pacific Economic Cooperation meetings in China's financial hub.

B shares of New Asia fell 1.15 percent to 77 US cents after rallying 3 percent on Monday.

Jinjiang Tower fell 1.84 percent to 74 US cents a day after rising nearly 2 percent.

Property firm Lujiazui, developer of Shanghai's Pudong area where the APEC meetings were being held, was not spared either as bearish sentiment spilled over from the A-share bourse yesterday.

Lujiazui's stock fell 2.54 percent to end at 88 US cents, becoming the biggest loser on the Shanghai B-share market.

"Weaker A shares weighed on sentiment on the B bourse and market leads were short lived," said analyst Feng Yucheng of Beijing Securities.

In Shenzhen, Victor Onward Textile Co was the heaviest B share decliner after the company said it would float on Thursday 42.8 million institutional shares held by foreign investors that are now non-tradable.

The Shanghai composite index lost 31.378 points to 1655.902 as turnover slimmed to 4.02 billion yuan (US$485.5 million) from 5.38 billion yuan (US$649.7 million) on Monday.

The Shenzhen composite sub-index dropped 56.91 points to 3330.9 as trading totalled 2.66 billion yuan (US$321.3 million).

(China Daily 10/17/2001)

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