Thursday May 15, 09:02 AM
China B-shares close slightly higher led by power, property firms - UPDATE
BEIJING (XFN-ASIA) - China B-shares closed higher, buoyed by power and property firms, although the market weakened toward the end of the day, dealers said.
An analyst who asked not to be identified said power firms surged on hopes
of financial or policy support from the government for reconstruction work in earthquake-hit areas.
Zhejiang Southeast Electric Power (SHB (Xetra: A0F5WN - news) 900949; ADR ZHJGYP) and Shenzhen Nanshan Power Station (SZB 200037; SZA 000037) led the gains.
Property shares continued to rise slightly from last week's decline, the analyst said.
'The gains were narrowed on profit-taking in the afternoon, but I believe the shares will continue to rise for some time,' he said.
The Shanghai B-share Index gained 0.59 points or 0.23 pct to 259.99 while the Shenzhen B-share Index was up 4.26 points or 0.77 pct at 559.48.
In Shanghai, Shanghai Lujiazui Finance & Trade Zone Development Co Ltd (SHB 900932; SHA 600663) advanced 1.39 pct to 1.603 usd while Huadian Energy Co Ltd (600726.SS - news) (SHB 900937; SHA 600726), a power equipment provider rose 0.95 pct at 0.425 usd.
Zhejiang Southeast Electric Power was up 1.98 pct to 0.925 usd.
In Shenzhen, China Merchants Property Development (SZB 200024; SZA 000024) gained 1.95 pct to 15.70 hkd while Shenzhen Nanshan Power Station rose 2.91 pct to 4.24 hkd.
Yantai Changyu Pioneer Wine (SZB 200869; SZA 000869) gained 3.62 pct to 54.40 hkd.
The FTSE/Xinhua China B 35 Index was up 56.18 points at 9,142.90.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, ended down 20.11 points or 0.55 pct at 3,637.32.
(1 usd = 7.0 yuan)
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