Index ends higher on export figures
By Feng Jianmin |
May 11, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock index edged up for a second day after official data showed China's exports grew strongly in April from a year ago.
The Shanghai Composite Index added 0.6 percent, or 18.17 points, to close at 2,890.63.
The General Administration of Customs yesterday said the country's exports in April jumped 29.9 percent from last year to a record high US$155.7 billion. Imports totaled US$144.3 billion, a rise of 21.8 percent from the same month last year.
"China's export growth beat our estimates, mainly due to an economic recovery in Europe and the United States," said Hu Yuexiao, an analyst at Shanghai Securities. "But imports slowed as domestic demand was hurt by higher commodity prices and tightening policies. This resulted in a higher-than-expected surplus."
Hu said domestic producers may benefit from the yuan's stable appreciation.
Clothing companies rallied. Jiangsu Sainty Corp, a garment trader, climbed 4.4 percent to 12.10 yuan. Nanjing Textiles Import and Export Corp added 3.5 percent to 9.29 yuan.
Oil and coal producers rose after crude prices rebounded to above US$100 a barrel in New York. PetroChina added 0.5 percent to 11.20 yuan. Yanzhou Coal Mining Co gained 2.2 percent to 32.52 yuan.
Banks climbed on news that China's central bank will resume issuing three-year bills after a six-month suspension, according to the China Securities Journal.
The Agricultural Bank of China rose 1 percent to end at 2.92 yuan. China Merchants Bank added 1.2 percent to close at 14.17 yuan.
The Shanghai Composite Index added 0.6 percent, or 18.17 points, to close at 2,890.63.
The General Administration of Customs yesterday said the country's exports in April jumped 29.9 percent from last year to a record high US$155.7 billion. Imports totaled US$144.3 billion, a rise of 21.8 percent from the same month last year.
"China's export growth beat our estimates, mainly due to an economic recovery in Europe and the United States," said Hu Yuexiao, an analyst at Shanghai Securities. "But imports slowed as domestic demand was hurt by higher commodity prices and tightening policies. This resulted in a higher-than-expected surplus."
Hu said domestic producers may benefit from the yuan's stable appreciation.
Clothing companies rallied. Jiangsu Sainty Corp, a garment trader, climbed 4.4 percent to 12.10 yuan. Nanjing Textiles Import and Export Corp added 3.5 percent to 9.29 yuan.
Oil and coal producers rose after crude prices rebounded to above US$100 a barrel in New York. PetroChina added 0.5 percent to 11.20 yuan. Yanzhou Coal Mining Co gained 2.2 percent to 32.52 yuan.
Banks climbed on news that China's central bank will resume issuing three-year bills after a six-month suspension, according to the China Securities Journal.
The Agricultural Bank of China rose 1 percent to end at 2.92 yuan. China Merchants Bank added 1.2 percent to close at 14.17 yuan.
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