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China's shares ended slightly higher yesterday, but many stocks which enjoyed an early lift from Shanghai winning its bid to host the 2010 World Exposition retreated in the afternoon as investors cashed in gains.
Shanghai's B-share index edged up 0.72 percent to 117.417 points, while Shenzhen's climbed 0.40 percent to 193.83. Hard currency B shares are available to all foreign investors and Chinese citizens.
The turnover on the stock market ended at 6.64 billion yuan (US$802 million) yesterday.
Shares in Shanghai-based firms, spanning tourism and transport to real estate and environmental protection, were the morning's star performers as punters bet on a city-wide business bonanza in the run up to the 2010 trade and tourism fair.
But profit-taking emerged in the afternoon, with real estate developer Shimao Co Ltd, for example, closing down 3.25 percent at 10.42 yuan (US$1.25) after rising 2.5 percent in the morning. It was the heaviest faller on Shanghai's A-share market.
"News that Shanghai won the bid was really exciting, but some punters began to sell related shares such as Shimao to take profit," said Huatai Securities analyst Zhou Lin.
"But hosting the Expo will fuel Shanghai's long-term development and greatly benefit local firms," he added.
The Paris-based International Bureau of Exhibitions said on Tuesday it had chosen Shanghai in a ballot over Yeosu in South Korea, Queretaro in Mexico, Wroclaw in Poland and the Russian capital of Moscow for the 2010 Expo.
In Shanghai, shares of property developer Lujiazui Finance & Trade Zone Development Co slipped 1 percent to 14.13 yuan yesterday. The stock had risen more than 8 per cent in the past week on Expo hopes.
Hotel and realty management service provider Jinjiang Tower Co, which had climbed more than 10 per cent since last Tuesday, eased 0.3 percent to 9.89 yuan (US$1.19).
The benchmark Shanghai composite index, grouping A and B shares now open to domestic and select foreign investors, climbed 0.40 percent to 1,414.454 points.
Environmental protection equipment producer Fujian Longking Co was the biggest A-share gainer in Shanghai, jumping its 10 percent daily limit to 12.10 yuan (US$1.46) as punters speculated on a city-wide clean-up ahead of the Shanghai Expo.
On the Shenzhen market, A- and B-share prices closed up marginally after coming off their highs as profit-taking strengthened in late trade, dealers said.
Turnover remained thin amid doubts about the scope for a sustained recovery, they said, noting that many institutions still seem to be trimming positions as they prepare cash for their year-end settlements.
The component A- and B-share index closed 8.97 points or 0.31 percent higher at 2,870.32 on turnover of 2.92 billion yuan (US$353 million) after trading to a high of 2,897.01 and a low of 2,846.71.
Shenzhen Development Bank gained 0.03 yuan (four-tenths of a US cent) to 11.79 (US$1.40) on trading of 3.9 million shares, while Chongqing Chang'an rose 0.18 yuan (2 US cents) to 8.1 yuan (98 US cents) on 7 million shares.
Among B shares, Guangdong Electric Power closed the session 0.01 higher at HK$4.02 (52 US cents) on 698,000 shares, following a report citing chairman Pan Li as saying the company will more than double its power generation capacity from the current 2,950 megawatts over the next few years.
(China Daily December 5, 2002)
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