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October 15, 2009

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Export figures boost share prices

SHANGHAI'S key stock index continued to rise yesterday after China reported that exports declined at a slower pace last month, easing concerns of economic recovery being hampered by lackluster global demand.

The Shanghai Composite Index added 1.17 percent to 2,970.53. The gain narrowed from a 2.5-percent intraday gain after investors cashed in at a high of 3,010.61. Turnover nearly doubled to 141.6 billion yuan (US$20.8 billion) from 88.5 billion yuan on Tuesday.

Shipments from China dropped 15.2 percent in September from a year earlier, against a 23.4-percent slide in August, the General Administration of Customs said yesterday. The decline was the least in 11 months.

"Better-than-expected exports have boosted market confidence in the country's sound recovery," Shandong Shenguang Securities wrote in a research note.

Real estate developers led the gains on reports of rising property sales. Gemdale Corp advanced 5.8 percent to 14.67 yuan after saying property sales value jumped 91 percent for the first nine months year on year. China State Construction Engineering Corp, the nation's largest housing contractor, jumped by the 10-percent daily cap to 5.25 yuan. It said property sales in the first three quarters rose 81 percent from a year ago and new construction contracts increased 22 percent.

"The upward trend is very obvious considering the swelling turnover and the number of gainers," said Jiang Xiubin, an analyst at Basing Investment. "But the index may experience fluctuations around the 3,000 psychological line and the direction of the movement hinged on corporate earnings for the third quarter, which are due out recently."

PetroChina, the nation's biggest oil company and the biggest component of the index, climbed 1.5 percent to 13.31 yuan after crude oil rose to a seven-week high. China Petroleum & Chemical Corp, the second largest, was up 2 percent at 11.98 yuan.




 

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