在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

B-shares up on 'WTO-plays'
( 2001-11-02 10:06 ) (1 )

China's hard-currency B shares rose for a second day on Thursday, buoyed by speculative buying in textiles, shipping and property counters seen as winners from China's entry into the World Trade Organization (WTO).

A late rally in Hainan Airlines lifted the carrier to the top of the gainers' list in Shanghai. Its B shares jumped 2.94 per cent to US$0.700, while its A shares, reserved for Chinese investors, jumped the 10 per cent daily limit.

Speculators pushed the counter up after local newspapers reported the firm signed an agreement to raise capital that would allow it to buy five long-range aircraft to further an expansion plan, some traders said.

But WTO plays dominated trade.

Textile firm Haixin was Shanghai's second biggest gainer, rising 2.37 per cent to US$0.907. Chengde Dixian Textile was Shenzhen's most active stock, climbing 1.3 per cent to HK$7.79 (99.87 US cents).

So-called WTO plays have been a target of speculation off and on over the past year.

The latest resurgence comes ahead of a November 9-13 meeting in Doha, Qatar, where the trade group is expected to approve China's entry, ending a 15-year quest.

The Shanghai B-share index rose 0.74 per cent to 157.512 points. Volume climbed to a moderate US$38.3 million from a mere US$20.6 million on Wednesday.

Shenzhen B shares climbed 1.15 per cent to 253.74, while turnover rose to a still low HK$181.2 million (US$23.23 million) from HK$107.1 million (US$13.73 million).

Punters bet rising foreign trade after WTO will boost transport businesses, construction and real estate firms, which will enjoy a boom from an increase in foreign investment in China.

Other major gainers yesterday included property developer Waigaoqiao, which climbed 1.27 per cent to US$0.874, and Great Ocean Shipping, up 2.05 per cent at HK$3.98 (51.02 US cents).

But analysts said WTO entry would not necessarily translate directly into improved earnings.

"The buying in WTO plays is somewhat speculative as WTO membership will not help improve the performance of such firms to a great extent, at least for a year or so," said an analyst of Huatai Securities.

Textile firms have been favoured because their exports are expected to rise as countries gradually lower tariff barriers and cut import quotas after China joins the trade body.

"Guessing that WTO entry will give the textile sector a quick boost is nothing but a naive conjecture," said an analyst at Shenyin & Wanguo Securities.

Hainan Airlines, among a series of firms favoured by institutions, rose above the WTO fray.

"Institutions tend to take every piece of news about these companies as a pretext to push prices up or down," said a Shanghai floor trader.

"Today, they used the State media report on Hainan Airlines as an excuse to buy," she said.

The WTO interest has brought a bit of life to indices which have fallen since early June under the strains of a crackdown on market corruption and government plans to reduce its State shareholdings through IPOs.

The largely policy-driven markets were the world's best performers in the first half of the year.

The Shanghai composite index rose 18.584 points to 1,707.754 as turnover soared to 7.31 billion yuan (US$883.2 million) from 4.93 billion yuan (US$595.6 million).

The Shenzhen composite sub-index climbed 34.00 points to 3,472.52 on turnover of 3.84 billion yuan (US$463.3 million), up from 3.01 billion yuan (US$364.0 million).