BEIJING (XFN-ASIA) - China B-shares closed higher as real estatestocks rebounded in the afternoon session on strong sales expectedfor the upcoming national day holidays, dealers said.
China Vanke (SZB 200002; SZA 000002) and China Merchants PropertyDevelopment (SZB 200024; SZA 000024) both rose over 5 pct in theafternoon session.
'Real estate developers are expected to launch various promotionsduring the national day holidays,' an analyst who asked not to beidentified said. 'This encouraged investors to rush into thesector.'
The analyst also noted that the government is expected to issuepolicies on margin lending and short selling during the week-longholiday.
'Investors were also encouraged by the positive news from WallStreet so there will be an uptrend next month,' he said.
The Shanghai B-share Index rose 1.72 points or 1.31 pct to 132.76while the Shenzhen B-share Index was up 4.58 points or 1.49 pct at311.30.
In Shanghai, Jiangsu Xincheng Real Estate (SHB 900950) rose 2.95pct to 0.384 usd while Shanghai Zhenhua Port Machinery (SHB 900947;SHA 600320) was up 3.36 pct at 0.922 usd.
Shanghai Lujiazui Finance & Trade Zone Development (SHB 900932; SHA600663) rose 1.85 pct to 0.937 usd while Shanghai Mechanical &Electrical Industry (SHB 900925; SHA 600835) was up 1.23 pct at0.739 usd.
In Shenzhen, China Merchants Property Development was up 8.86 pctat 8.480 hkd while China Vanke was up 5.51 pct at 5.550 hkd.
Shandong Chenming Paper Holdings (SZB 200488; SZA 000488) was up1.48 pct at 4.810 hkd while Foshan Electrical and Lighting (SZB200541; SZA 000541) rose 1.30 pct to 4.660 hkd.
The FTSE/Xinhua China B 35 Index was up 73.24 points at 4,718.40.
The benchmark Shanghai Composite Index, which covers both A- andB-shares listed on the Shanghai Stock Exchange, ended down 3.72points or 0.16 pct at 2,293.78.
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson FinancialNews Content, including by framing or similar means, is expresslyprohibited without the prior written consent of Thomson FinancialNews.
Neither the Subscriber nor Thomson Financial News warrants thecompleteness or accuracy of the Service or the suitability of theService as a trading aid and neither accepts any liability forlosses howsoever incurred. The content on this site, includingnews, quotes, data and other information, is provided by ThomsonFinancial News and its third party content providers for yourpersonal information only, and neither Thomson Financial News norits third party content providers shall be liable for any errors,inaccuracies or delays in content, or for any actions taken inreliance thereon.