Wednesday May 14, 08:57 AM
China B-shares close higher led by cement, property stocks - UPDATE
BEIJING (XFN-ASIA) - China B-shares closed higher led by cement companies on hopes for strong reconstruction demand following Monday's earthquake in Sichuan province, dealers said.
Property shares also rebounded in the afternoon from yesterday's sharp decline.
A Shanghai based analyst said demand from reconstruction work will support cement stocks for some time.
'The rebound in property shares also shows that investor confidence has started to rally,' he said.
The Shanghai B-share Index closed up 6.04 points or 2.38 pct at 259.40 while the Shenzhen B-share Index rose 8.80 points or 1.61 pct to 555.22.
In Shanghai, Shanghai Lianhua Fibre Corp (SHB (Xetra: A0F5WN - news) 900913; SHA 600617) gained 6.32 pct to 0.69 usd while Shanghai Diesel Engine (SHA 600841; SHB 900920) was up 3.63 pct at 0.89 usd.
Huaxin Cement (SHB 900933; SHA 600801) gained 7.96 pct to 2.84 usd.
In Shenzhen, Shandong Airlines (SZB 200152) was up 2.16 pct at 4.73 hkd while Shandong Chenming Paper Holdings (SZB 200488; SZA 000488) rose 2.63 pct to 8.19 hkd.
BOE Technology Group (SZB 200725; SZA 000725) was up 4.64 pct at 4.06 hkd.
In the property sector, Shanghai Lujiazui Finance & Trade Zone Development (SHB 900932; SHA 600663) gained 2.40 pct to 1.58 usd while China Vanke (SZB 200002; SZA 000002) advanced 3.19 pct to 18.78 hkd.
The FTSE/Xinhua China B 35 Index was up 171.20 points at 9,086.72.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 97.19 points or 2.73 pct at 3,657.43.
(1 usd = 7.0 yuan)
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