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Shanghai B-share Rally Continues, Gains across the Board
Shanghai B-shares closed 2.3 percent higher Tuesday on continuing hopes of further liquidity-driven rises, dealers said.
The Shanghai Stock Exchange's B-share index climbed 5.02 points to 220.9 on turnover of US$326.39 million.
The A-share index edged down 4.89 points or 0.2 percent to 2,300.79 on turnover of 11.98 billion yuan (US$1.44 billion).
B-shares staged a broad-based rally for the second day and low-priced market laggards remained as market favorites, dealers said.
Shares have soared since China opened its hard currency B-share markets to individual domestic investors in late February. The Shanghai B-share index has then leapt 165 percent.
"Investors were betting there will be another surge of liquidity in June when trading curbs are lifted and more new investors will enter into the markets," said Shandong Securities B-share analyst Wang Zhenming.
China currently bars foreign currency deposits made after February 19 from being invested on B-shares. These restrictions will be lifted on June 1.
Jinan Qingqi Motorcycle Co. topped B-share gainers, rising seven cents or 9.2 percent to 83.3 US cents.
Huangzhou Eastern Telecommunications Co. saw the smallest increase among B-shares, up 0.3 cents or 0.1 percent to US$2.02.
The composite A and B-share index closed down 3.25 points at 2,210.34
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