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China's B shares closed down Tuesday as investors sold stocks in companies that posted disappointing 2002 results at the height of the annual corporate reporting season, which lasts until April 30, brokers said.
Shanghai's B-share index fell 0.52 percent to 123.096 points, while Shenzhen's was down 1.19 percent at 208.86 points.
Hard-currency B shares are available to Chinese and foreign investors.
Refrigerator and air-conditioner compressor maker Shanghai Highly was the biggest decliner, falling 6.63 percent to 62 US cents after reporting an unexpected 86.34 percent dive in 2002 net profit.
Shenzhen-listed motorcycle maker North Jianshe was another heavy faller, dropping 5.11 percent to HK$2.23 (28.6 US cents) after reporting a big loss of 151.07 million yuan (US$18.25 million) for 2002, following a loss of 192.87 million yuan (US$23.3 million) in 2001.
Despite the fall in B shares, the benchmark Shanghai composite index, which also covers yuan-denominated A shares, rose 5.419 points or 0.36 percent to finish at 1,520.551 points on institutional buying ahead of share listings by two large-cap firms. The Shenzhen sub-index also gained 6.16 points or 0.2 percent to close at 3,146.30 points.
A tranche of 1.732 billion A shares in the China United Telecommunications Corp, held by institutional investors, can be traded in Shanghai for the first time today.
A tranche of 429.8 million A shares in China Merchants Bank is set to debut tomorrow.
Unicom's A shares closed up 0.99 percent at 3.05 yuan (37 US cents) on Tuesday, while the bank's rose 0.74 percent to 10.88 yuan (US$1.31).
Chinese institutions usually prop up shares before large share listings, hoping more attractive prices might lure punters and make it easier for them to sell shares at a profit.
Brokers said the near-term market trend would depend on the performance of the two market heavyweights, although some said they expected the Shanghai composite index to fall slightly should profit-taking emerge in the two counters.
Analyst Luo Xiaoming at Ping'an Securities said: "Although market liquidity may come under pressure from the large amounts of new shares, investors seem to have been prepared for the news, which has circulated on the markets for some time."
Shanghai's A-share index edged up 0.37 percent to 1,590.266 points. Shenzhen's fell 0.34 percent to 444.08 points.
Shanghai copper futures ended mixed in moderate volumes yesterday as investors awaited a clearer trend on the London Metal Exchange, which traded little changed in inter-office hours, traders said.
Shanghai's most active August 2003 futures ended 30 yuan (US$3.62) lower at 16,670 yuan (US$2,014) a ton.
Almost all other contracts ended from 20 yuan (US$2.42) lower to 80 yuan (US$9.67) higher, with combined volume falling to 61,002 lots from an active 75,498 lots on Monday.
One Shanghai trader said: "Chinese investors are still trying to figure out a clear trend on the LME after strong rises in the previous session."
London Metal Exchange three-month copper was quoted at US$1,613/US$1,616 a ton in Asian trade from US$1,615 at Monday's kerb close.
In Shanghai, spot copper rose to around 17,100 yuan (US$2,066) yesterday.
Shanghai aluminium futures were little changed, with contracts ending from unchanged to 60 yuan (US$7.25) higher. Volume fell to 11,216 lots from 12,214 lots.
London Metal Exchange aluminium was quoted at US$1,338/US$1,341 a ton versus London's kerb close of US$1,340 on Monday.
(China Daily April 9, 2003)
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