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China's hard currency B shares rose more than 2 per cent yesterday as institutional investors bought shares ahead of the 16th National Congress of the Communist Party of China, brokers announced.

Shanghai's B share index closed up 2.40 per cent at 135.043 points, while Shenzhen's rose 2.43 per cent to 208.76 on buying by brokerages and mutual funds, they said.

Turnover in B shares, available to foreign investors, surged to a still-moderate US$26.7 million in Shanghai from US$10.5 million on Monday and leapt to HK$184.9 million (US$23.7 million) in Shenzhen, up from HK$82.2 million (US$10.6 million).

"Supportive buying by institutional investors ahead of the Party Congress led to a technical rebound after the downtrend over the past few weeks," said analyst Jin Guanfeng of Haitong Securities.

"We expect some more gains in the near term, but a rise in the medium term depends on heavier volumes," he said.

Top Party leaders are expected to start handing over power to a new generation at the congress, scheduled to start on Friday.

Before the technical rebound, China's shares had fallen nearly 10 per cent since early September, hit by a raft of worries ranging from low volumes and an official crackdown on corruption to a long list of companies waiting to go public.

Yesterday, buying focused on shares in companies which might be a target of foreign investment, after the government lifted a seven-year ban on foreign purchases of State-held stakes in domestic listed firms, brokers said.

Shenzhen-listed Shandong Airlines was the biggest B share gainer, closing up 5.81 per cent at HK$4.37.

"The lifting of the ban continued to be a major factor today, pushing up stocks in companies likely to see foreign investment," said Zheng Weigang, a senior analyst at Shanghai Securities.

SVA Electron Co, which makes electrical devices such as vacuum tubes for television sets, was Shanghai's star performer and closed up 4.23 per cent at US$0.640.

SVA's parent company, Shanghai General Electronics (Group) Co Ltd, is in talks with Telstra Corp Ltd - Australia's biggest telecommunications firm - on setting up a domestic joint venture, company officials said in June.

Minor electricity generator Shenzhen Nanshan Power Co was yesterday's only B share decliner after it said investigators were investigating suspected corruption amongst senior officials. Its B shares dropped 6.23 per cent to HK$5.12.

Shanghai's A share index ended up 1.71 per cent at 1,627.725 points and its Shenzhen counterpart rose 1.60 per cent to 479.69. Yuan-denominated A shares are reserved for Chinese investors.

China's yuan rose three notches to 8.2770 to the US dollar yesterday as banks sold more hard currency on behalf of exporters, dealers said.

The yuan, which closed at 8.2773 on Monday, traded in a narrow 8.2768 to 8.2772 range during the session, hovering near the firm end of its usual trading band due to the country's healthy export surplus.

The Chinese currency, of which trading on the current account is monitored strictly, would stay firm in the short term, dealers said.

"Trade was active early in the session today due to more sales of US dollars from local banks and most deals were conducted at 8.2770," said a dealer in Beijing.

Turnover, US$540 million on Monday, rose to US$580 million.

The yuan has remained near the strong end of its usual narrow band of 8.2760 and 8.2800, enforced by the central bank, for most of this year due to China's trade surplus.

The yuan closed weaker against the Japanese currency at 6.7936 versus 100 yen from 6.7690 on Monday.

It edged up two notches against the Hong Kong dollar to 1.0609. Euro-yuan, which closed at 8.1920 last Friday and did not trade on Monday, weakened to 8.2589.

China Daily news