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China's shares closed mixed yesterday, with hard currency B shares ending down but the benchmark Shanghai composite index continuing a technical rebound for the second straight day, brokers said.
The benchmark Shanghai composite index, which tracks both A and B shares, went up 2.941 points or 0.21 percent at 1,398.438, while the Shenzhen sub Index also gained 6.99 points or 0.25 percent to finish at 2840.49.
Shanghai's hard currency B-share index, having lost half of its value since a peak at the end of May 2001, inched down 0.5 percent to close at 116.641 points, its lowest finish since March 2, 2001.
Shenzhen's B-share index edged 0.35 percent higher to end at 188.69 points.
Turnover on the B-share markets, open to foreigners and domestic retail investors, was only US$9.903 million in Shanghai and HK$34.613 million (US$4.43 million) in Shenzhen.
"The low priced stocks and special-traded stocks led the upside trend today on the A-share market," said Shao Rui, a Shanghai Securities analyst.
"Most of these stocks had been heavily oversold in the past weeks, which directly triggered the relatively stronger rebound today."
Special-traded China Textile Machinery Stock Ltd, a textile machinery maker, was the biggest B-share gainer with an increase of 4.17 percent to US$0.475.
Although cheaper and special-traded stocks led the market today, analysts said they were not optimistic about their performance in the near term.
"These stocks lack a good operating performance to support a long-term rise in their share prices. A weak rebound like this will not change the bearishness in the market," Merchant Securities analyst Lu Xinwen said.
China shares have been in a downtrend since early September, hit by negative factors such as poor earnings, frequent domestic A-share offers and a government crackdown on market irregularities.
"The tiny volume, both on the A and B share markets, still indicated investors' strong wariness in buying and selling stocks in this market," Shao added.
The Shenzhen Accord Pharmaceutical Co Ltd, a traditional Chinese medicine producer, was the biggest gainer on Shenzhen's B-share market. It closed up 3.18 percent at HK$3.89 yesterday.
(Edited by china.org.cn from China Daily November 26, 2002)
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