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Index inches up on robust imports data
By Ye Zhen |
April 10, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up today after China posted robust imports data for March, adding to signs of a recovering domestic economy.
The benchmark Shanghai Composite Index added 0.02 percent to settle at 2,226.13 points, with a daily turnover of 71 billion yuan (US$11.5 billion).
China's imports surged 14.1 percent in March from a year earlier, the General Administration of Customs said today. The growth compared with a slump of 15.2 percent in February and far outpaced market expectation of a 5.2-percent increase.
Exports last month increased 10 percent year on year, moderating from a jump of 21.8 percent in February. That led to a trade deficit of US$880 million in March.
"Imports have been rebounding steadily on a quarterly basis, indicating China's economy, especially in terms of domestic demand, is recovering, in spite of a relatively weak momentum," said Ding Shuang, senior China economist at Citi Investment Research.
Latest data from the State Administration of Foreign Exchange showed China granted investment quota totaling at US$910 million to 11 Qualified Foreign Institutional Investors in March.
The total approved quota under the QFII scheme reached US$3.1 billion in the first quarter this year, up from US$2.9 billion in the same period last year, as China accelerates the pace to open up the country's securities market.
Distilleries gained after China National Food Industry Association said it will introduce a new standard on plasticizer for liquor producers.
Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 3.8 percent to 169.96 yuan. Sichuan Tuopai Shede Wine Co gained 6.3 percent to 20.56 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 6.9 percent to 31.71 yuan.
The benchmark Shanghai Composite Index added 0.02 percent to settle at 2,226.13 points, with a daily turnover of 71 billion yuan (US$11.5 billion).
China's imports surged 14.1 percent in March from a year earlier, the General Administration of Customs said today. The growth compared with a slump of 15.2 percent in February and far outpaced market expectation of a 5.2-percent increase.
Exports last month increased 10 percent year on year, moderating from a jump of 21.8 percent in February. That led to a trade deficit of US$880 million in March.
"Imports have been rebounding steadily on a quarterly basis, indicating China's economy, especially in terms of domestic demand, is recovering, in spite of a relatively weak momentum," said Ding Shuang, senior China economist at Citi Investment Research.
Latest data from the State Administration of Foreign Exchange showed China granted investment quota totaling at US$910 million to 11 Qualified Foreign Institutional Investors in March.
The total approved quota under the QFII scheme reached US$3.1 billion in the first quarter this year, up from US$2.9 billion in the same period last year, as China accelerates the pace to open up the country's securities market.
Distilleries gained after China National Food Industry Association said it will introduce a new standard on plasticizer for liquor producers.
Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 3.8 percent to 169.96 yuan. Sichuan Tuopai Shede Wine Co gained 6.3 percent to 20.56 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 6.9 percent to 31.71 yuan.
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