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Weekly Review: China's B Shares Continue Consolidation
Chinese hard-currency B shares were able to gain for an eighth straight week in Shanghai, but lost for the first time out of the past seven weeks in Shenzhen.
The Shanghai B-share Index, tracking US dollar-denominated B shares, soared 4..17 points or 2.66 percent in the week to 161.05, rising for four days in the past five. It surged to as high as 162. 00, the highest since B shares were traded on the Shanghai bourse on Feb.21, 1992.
For the whole week, Shenzhen's HK dollar-denominated B-share Index, edged down 3.2 points or 0.96 percent to 333.19, according to Homeway, China's leading on-line financial and securities advisory company.
Trading volume narrowed, with 1.38 billion US dollars in Shanghai, which was some two-thirds of the total of 2.07 billion US dollars last week, and 12.59 billion HK dollars in Shenzhen, less than half of last week's total of 25.79 billion HK dollars.
The trend in Shanghai showed steady consolidation, inheriting strength from the past two months, while that in Shenzhen had been an inclination to downside correction.
The key for both B-share markets is sustainability, though aggressive upswings remain suspect until heavy buying interest set in again.
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