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Stocks Pushed up by Rosy News
China's B shares edged up yesterday, spurred by Waigaoqiao Development, which leapt nearly 10 per cent on news that its parent company will build a theme park with entertainment giant Vivendi Universal, brokers said.
Waigaoqiao vastly outperformed the market. Shanghai's hard currency B share index closed up 0.36 per cent at 117.244 points while Shenzhen's rose 0.67 percent to 194.01.
"Market sentiment was weak and news like Waigaoqiao's parent's investment in the theme park immediately influenced its stock," said Great Wall Securities analyst Duan Kai.
Real estate developer Waigaoqiao Free Trade Zone Development Co is expected to benefit when its parent company and Vivendi Universal SA set up China's first world-class theme park, although few details were available.
The benchmark Shanghai composite index ended the session up just 0.05 at 1405.525.
The Shenzhen sub index climbed up 0.15 percent to 2,854.59.
Hang Seng Lower on US Falls
Hong Kong share prices closed 0.4 percent lower yesterday on the back of falls on Wall Street, coupled with market caution prior to the release of US employment data, dealers said.
The key Hang Seng index lost 36.13 points to close at 9,973.75 on thin turnover of HK$5.06 billion (US$650 million).
Simon Tam, sales director of Grand Cathay Group, said the Hang Seng was tracking the weakness on Wall Street, with investors also awaiting the release of the US employment data later yesterday.
Taiwan Shares Close Down
Taiwan shares closed down 0.3 percent yesterday after extended losses on Wall Street and amid cautious sentiment ahead of Saturday's local government elections, dealers said.
The weighted price index closed down 16.42 points at 4,738.98 on turnover of NT$69.50 billion (US$2 billion). Decliners led advancers 342 to 247 with 154 stocks remaining unchanged.
(China Daily December 7, 2002)
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