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Export surge raises index
By Feng Jianmin and Ding Yining |
July 12, 2010, Monday
|
Online Edition
Online Edition
THE Shanghai market rose nearly 1 percent today after a surge of exports in June drove up confidence.
The benchmark Shanghai Composite Index went up 0.80 percent, or 19.80 points, to close at 2490.72. Turnover was 72.3 billion yuan (US$10.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, was up 0.95 percent to 993.63 points.
Statistics from the General Administration of Customs showed that China's exports in June rose 44 percent from a year earlier to 137.4 billion yuan. The growth rate was 4.4 percentage points higher than the previous month. Imports in the first half grew 40 percent from last year to 117.3 billion yuan.
Metal producers pushed up the index. Jiangxi Copper Co added 1.20 percent to 25.30 yuan. Yunnan Copper Co advanced 2.37 percent to 18.55 yuan. Aluminum Corp of China edged up 0.44 percent to 9.14 yuan.
Property developers led the gainers after the country's top statistics bureau reported that home prices in 70 cities went up 11.4 percent in June from a year earlier, extending its year-on-year growth for the 13th consecutive month.
Gemdale Real Estate Corp rallied 3.37 percent to 6.74 yuan. China Vanke hiked 5.52 percent to 7.64 yuan. Poly Real Estate (Group) Co jumped 3.68 percent to 11.84 yuan.
Banks also closed higher. China Merchants Bank gained 2.05 percent to 13.91 yuan. Shanghai Pudong Development Bank added 1.41 percent to 14.43 yuan. Industrial and Commercial Bank of China climbed 2.63 percent to 4.30 yuan.
The benchmark Shanghai Composite Index went up 0.80 percent, or 19.80 points, to close at 2490.72. Turnover was 72.3 billion yuan (US$10.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, was up 0.95 percent to 993.63 points.
Statistics from the General Administration of Customs showed that China's exports in June rose 44 percent from a year earlier to 137.4 billion yuan. The growth rate was 4.4 percentage points higher than the previous month. Imports in the first half grew 40 percent from last year to 117.3 billion yuan.
Metal producers pushed up the index. Jiangxi Copper Co added 1.20 percent to 25.30 yuan. Yunnan Copper Co advanced 2.37 percent to 18.55 yuan. Aluminum Corp of China edged up 0.44 percent to 9.14 yuan.
Property developers led the gainers after the country's top statistics bureau reported that home prices in 70 cities went up 11.4 percent in June from a year earlier, extending its year-on-year growth for the 13th consecutive month.
Gemdale Real Estate Corp rallied 3.37 percent to 6.74 yuan. China Vanke hiked 5.52 percent to 7.64 yuan. Poly Real Estate (Group) Co jumped 3.68 percent to 11.84 yuan.
Banks also closed higher. China Merchants Bank gained 2.05 percent to 13.91 yuan. Shanghai Pudong Development Bank added 1.41 percent to 14.43 yuan. Industrial and Commercial Bank of China climbed 2.63 percent to 4.30 yuan.
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