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|Friday, March 02, 2001, updated at 10:36(GMT+8)|
Shanghai B-shares Surge 9.9 Percent for Second Consecutive DayShanghai B-shares soared 9.9 percent for the second consecutive day Thursday as local investors clamoured to buy shares but sellers were few and far between, dealers said.
China's B-share market opened to domestic individuals for the first time Wednesday sparking a rush to transfer money into new B-share accounts at banks and brokerages, dealers said.
The Shanghai Stock Exchange's B-share Index added 9.05 points to 100.47.
Turnover contracted to a tiny 1.5 million yuan (US$181,000) from Wednesday's 6.17 million yuan (US$746,000), as existing investors clung tightly to their holdings waiting for prices to rise higher.
In just one morning's trade on February 19 before regulators suspended B-share trading and announced plans to open the market to local investors, turnover reached 182 million yuan.
Meanwhile the A-share index edged up 3.68 points or 0.2 percent to 2,073.24 on turnover of 8.4 billion yuan (US$1 billion).
"No one will sell their B-share holdings at the moment," said a dealer at a foreign brokerage.
Although many foreign individuals opened new accounts following the latest B-share trading reforms, foreign institutions focused on long-term investment largely took a wait-and-see attitude, dealers said.
B-shares have soared 21 percent after trading resumed Wednesday, and analysts said it was unlikely B-shares could continue to see ten-percent rises for much longer.
"When the B-share index approaches the 120-point level, that means a 40-50 percent gain since markets reopened and existing B-share holders will sell their shares amid concerns of increasing risks," said Huaxia Securities analyst Lin Xuenong.
Analysts regarded the 120-point level as the short-term resistance level for B-shares.
Wall glass-maker Shanghai Linyun Zhensheng saw the largest trading volume among B-shares, rising 4.7 cents or 9.91 percent to 52.1 US cents on turnover of 28,080 dollars.
The composite A- and B-share index closed up 5.94 points to 1,965.12.
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