BEIJING (XFN-ASIA) - A summary of Greater China stockmarket trading Thursday:
HONG KONG
Share prices closed lower as caution re-emerged in late trade following news that French bank BNP Paribas and a US-German joint venture financial institution have been caught up in problems in the US subprime mortgage market. Stocks had advanced significantly, but trading changed course when the news about BNP hit the market, wiping out the day's gains. Some hedge funds reduced their portfolios in Hong Kong to meet possible redemption demands, while other investors locked in profit from recent gains amid fears of more volatility in the global equity markets. The Hang Seng index closed down 97.31 points or 0.43 pct at 22,439.36.
CHINA
China closed higher, driving the composite index to another record for the fifth straight trading day(tak boleh tahan man!), as investors continued to build positions in financial stocks. Steelmakers rebounded from yesterday's weakness as investors were also upbeat about the sector on prospects of industry consolidation and after Wuhan Iron and Steel reported a 171 pct rise in firsthalf net profit. The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 90.93 points or 1.95 pct at a record 4,754.10. The Shanghai A-share Index was up 95. 61 points or 1.95 pct at 4,989.19 and the Shenzhen A-share Index was up 21.21 points or 1.53 pct at 1,411.23. China B-shares closed higher, led by machinery and property stocks following strong gains in their A-share peers. The Shanghai B-share Index was up 4.57 points or 1.45 pct at 320.41 and the Shenzhen B-share Index up 7.25 points or 0.92 pct at 792.12.
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