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China's shares ended mixed yesterday after six straight sessions of gains, although financial counters bucked the trend as punters bet that a booming economy would continue to buoy the industry, brokers said.
Shanghai's composite index lost 25.230 points, or 1.559 percent, to 1,606.240 while Shenzhen's sub-index gained 12.49 points, or 0.36 percent, to 3,445.87.
Shanghai's hard currency B shares fell 1.39 percent to 128.343 points, while Shenzhen's dropped 2.44 percent to 226.99. B shares are open to Chinese and foreign investors.
Analysts said wary investors began to cash in chips such as steel stocks after a recent rise in the overall market.
Baoshan Iron and Steel Co, the listed arm of China's largest steel maker, slipped 0.9 percent to 5.76 yuan (US$0.694) after a nearly 10 percent surge since April 8.
Maanshan Iron and Steel Co, which had risen nearly 8 percent this month, fell 3.5 percent to 3.81 yuan (US$0.459).
"Despite a fall on the market overall, we still saw punters buying into financial stocks as they believed the fast-growing economy would help the sector," said Wang Yu, an analyst at Great Wall Securities.
Minsheng Banking Corp, one of four lenders listed on mainland bourses, was among the most heavily traded counters and rose 1.8 percent to close at 12 yuan (US$1.445).
Another lender, Shanghai Pudong Development Bank, rose 3.7 percent to 12.92 yuan (US$1.56).
Top Chinese minivan maker Chongqing Chang'an Automobile Co was the best B-share performer in Shenzhen with a 5.95 percent rise to HK$6.77 (US$0.897) after it resumed trade yesterday.
Trading was suspended on Tuesday after the company denied reports in domestic media its first quarter vehicle sales had risen sharply.
(China Daily April 17, 2003)
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