C-Cube Message Board - Msg: 1583953

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Technology Stocks : C-Cube

CUBE 37.68

+1.7%

Jan 9 9:30 AM EST

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To: robt justine who wrote (16826)	6/12/1997 9:35:00 PM
From: John Rieman	of 50808

China is a tough place for share prices. The State can always tell the banks to sell their shares. Greenspan would have fun with this............................................. 13 Jun 1997 CHINA Shenzhen B Index +0.96 T HE Shenzhen B share market staged a technical rebound to close marginally higher yesterday, spurred by bargain-hunting after Wednesday's steep falls. The B Index rallied 0.96 point to 143.32 on turnover of HK$73 million against Wednesday's HK$56 million. However, the A Share Index gave up early gains and shed 1.82 points to close at 412.91 as state banks pulled funds out of the market under orders from the central government. Turnover shrank to 4.8 billion yuan from Wednesday's 7.2 billion. Beijing has ordered state banks to unwind their share positions starting from last Friday within 10 sessions, in the latest move to cool down the nation's intensely speculative stock markets. "Banks are retreating from the A share market in which they had previously built heavy positions," an analyst said. "This is going to put downward pressure on the market through the whole of next week until the sell-off stops." The B shares were not so badly affected because Beijing's clampdown was mainly directed against the A share market which had risen much more sharply. Both the A and B markets ended sharply lower on Wednesday on panic selling fuelled by apprehension over possible further Beijing crackdown measures. A wait-and-see attitude is likely to dominate the stock markets today, brokers said. Shanghai B shares closed slightly higher yesterday on a technical rebound after sharp losses on Wednesday. The B Index gained 0.12 point to 82.92 on volume of 15.1 million shares worth US$8.9 million. Shanghai's A Share Index slipped on weaker sentiment with investors expecting further crackdown measures in the short term. The index lost 7.94 points to 1,265.84 on volume of 268.5 million shares worth 3.4 billion yuan. -- Reuter

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