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Shenzhen's B Shares Hit Record, Shanghai's Fall
China's hard-currency B shares diverged after they went sharply lower on Monday morning as profit- taking pressure emerged.
According to Homeway, China's leading online financial and securities advisory company, Shanghai's B-share Index, tracking U. S. dollar-denominated B shares, plunged 2.63 points, or 1.41 percent, to 183.85 points.
The Shanghai market rebounded to as high as 188.01 points in early morning, but failed to sustain the rally as sellers were attracted by profit-taking after the key index breached the 190- point resistance on Friday.
In the meantime, Shenzhen's H.K.-denominated B-share Index surged 7.47 points or 2.00 percent to a new record of 380.48 points, after it posted some losses early in the day. The Shenzhen market was running on its sixth straight winning streak. It was in a mood to outperform its Shanghai counterpart, which has been apparently making more solid gains in the past two weeks.
In Shanghai, turnover of B shares stood at 340 million U.S. dolars (2.82 billion yuan), which was more than 80 percent of the total of Friday's 414 million U.S. dollars.
In Shenzhen, turnover enlarged to 2.09 billion HK dollars (2.22 billion yuan), against Friday's total of 2.74 billion HK dollars.
Market outlook: While there remains some modest profit-taking pressure, B shares are not likely to extend huge losses in Shanghai. It's natural for the Shenzhen market to fare better than its Shanghai counterpart.
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