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China's A and B shares ended up yesterday as investors piled into oversold electronics counters after the market bounced off a key support level, brokers said.
Shanghai's composite index rose 4.551 points, or 0.31 percent, to 1,490.464, while Shenzhen's sub-index climbed 18.16 points, or 0.61 percent, to 3,015.37.
Shanghai's hard currency B share index inched up 0.81 percent to 125.247 points, while Shenzhen's rose 1.15 percent to 191.14.
Turnover in Shanghai's B shares, available to foreign and domestic investors, was only US$16.214 million in Shanghai and HK$63.062 million (US$8.35 million) in Shenzhen.
"After testing a new 1,461 support level, a big technical rebound emerged. But it's too early to tell at the moment if the market has escaped its downtrend," said analyst Xia Ruipeng of Orient Securities.
"Investors focused particularly on electronics firms in the afternoon session."
SVA Electron Holdings Co, which is selling a 4 percent stake in a joint venture to Japan's Asahi Glass Co Ltd, was the biggest gainer in Shanghai with a rise of 4.04 percent to US$0.618.
Shenzhen SEG Co Ltd, another electronic products manufacturer, which posted an 334 percent increase in net profit during the first nine months, was Shenzhen's biggest gainer with a 3.17 percent increase to HK$3.25 (US$0.43).
"Besides some technical buying, some institutional investors began to invest in firms later in the session, aiming to support the market," said Mei Song, an analyst at Guosen Securities.
The markets are expected to remain weak in the near term, walloped by negative factors such as poor corporate results, too many IPOs, a crackdown on endemic market corruption and an abundance of loss-makers.
(China Daily November 14, 2002)
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