Friday May 9, 08:55 AM
China B-shares close lower led by property stocks on inflation fears - UPDATE
BEIJING (XFN-ASIA) - China B-shares closed lower led by property stocks ahead of April inflation data due Monday, dealers said.
A Shanghai-based analyst said property shares were under pressure because China may move to raise interest
rates to curb inflation.
'Investors are cautious as inflation is expected to stay above 8 pct in April,' he said.
In March, CPI (NYSE: CPY - news) rose 8.3 pct, down from 8.7 pct in February.
Shanghai Wai Gaoqiao Free Trade Zone Development (SHB (Xetra: A0F5WN - news) 900912; SHA 600648) and China Merchants Property Development (SZB 200024; SZA 000024) led the market lower.
The Shanghai B-share Index closed down 1.95 points or 0.75 pct at 258.01 while the Shenzhen B-share Index fell 1.92 points or 0.34 pct at 561.96.
In Shanghai, Shanghai Wai Gaoqiao Free Trade Zone Development fell 3.87 pct to 0.746 usd. Jiangsu Xincheng Real Estate (SHB 900950) was down 3.24 pct at 0.836 usd.
Dazhong Transportation (Group) (SHB 900903; SHA 600611) fell 3.86 pct to 1.046 usd.
In Shenzhen, Chongqing Changan Automobile (SZB 200625; SZA 000625) lost 2.27 pct to 4.73 hkd while China Vanke (SZB 200002; SZA 000002) shed 0.78 pct to 19.04 hkd.
China Merchants Property Development fell 2.36 pct to 15.30 hkd.
The FTSE/Xinhua China B 35 Index was down 56.51 points at 9,164.43.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed down 43.35 points or 1.19 pct at 3,613.49.
(1 usd = 7.0 yuan)
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