December exports growth and investor optimism boost key index
By Hu Xiaocen and Lu Nengneng |
January 11, 2012, Wednesday
|
Print Edition
Print Edition
Shanghai's key stock index yesterday rose to its biggest three-day gain since October 2010, as the market was cheered by the better-than-expected growth in China's December exports and also on renewed investor optimism.
The benchmark Shanghai Composite Index jumped 2.69 percent to 2,285.74 points, the highest close since December 12 and capping a three-day, 6.4 percent advance.
The General Administration of Customs yesterday said China's exports rose 13.4 percent in December, beating the general estimates of 12.7 percent. The trade surplus was US$16.5 billion in December, up from US$14.5 billion in November.
China Cosco, Asia's largest shipper, jumped 4.7 percent to 4.68 yuan. The Shanghai International Port (Group) Co, gained 3.01 percent to 2.74 yuan.
Cement makers and nonferrous metal firms gained the most as the rebound in China purchasing managers index for December indicated the revival of industrial activities.
Anhui Conch Cement soared 6.7 percent to 16.59 yuan. Shandong Gold Mining added 4.6 percent to 31.36 yuan and Zijin Mining Group increased 4.83 percent to 4.12 yuan.
Banks rose slightly yesterday as the central bank didn't cut the reserve requirement ratio as expected.
The Bank of China added 0.3 percent to 2.99 yuan. The Agricultural Bank of China ended 0.4 percent up at 2.69 yuan.
The benchmark Shanghai Composite Index jumped 2.69 percent to 2,285.74 points, the highest close since December 12 and capping a three-day, 6.4 percent advance.
The General Administration of Customs yesterday said China's exports rose 13.4 percent in December, beating the general estimates of 12.7 percent. The trade surplus was US$16.5 billion in December, up from US$14.5 billion in November.
China Cosco, Asia's largest shipper, jumped 4.7 percent to 4.68 yuan. The Shanghai International Port (Group) Co, gained 3.01 percent to 2.74 yuan.
Cement makers and nonferrous metal firms gained the most as the rebound in China purchasing managers index for December indicated the revival of industrial activities.
Anhui Conch Cement soared 6.7 percent to 16.59 yuan. Shandong Gold Mining added 4.6 percent to 31.36 yuan and Zijin Mining Group increased 4.83 percent to 4.12 yuan.
Banks rose slightly yesterday as the central bank didn't cut the reserve requirement ratio as expected.
The Bank of China added 0.3 percent to 2.99 yuan. The Agricultural Bank of China ended 0.4 percent up at 2.69 yuan.
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