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Index rises on data and sentiment
By Ye Zhen |
November 13, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks ended higher yesterday for the first time in six days after China's trade grew and sentiment was also lifted by a pledge to allow more foreign investment into the capital market.
The Shanghai Composite Index added 0.5 percent to 2,079.27 points, reversing a five-day losing streak.
Data from the General Administration of Customs showed China's trade surplus in October widened to US$32 billion from September's US$27 billion. Exports surged 11.6 percent annually, up from a gain of 9.9 percent in September, while imports grew an annual 2.4 percent.
"The trade data, especially the export figure, added to evidence that China's economy has started to rebound quickly," said Liu Ligang, chief economist for China with the Australia and New Zealand Bank.
Investors were also cheered after the China Securities Regulatory Commission signaled it plans to raise the quota for the Renminbi Qualified Foreign Institutional Investor (RQFIIs) scheme by 200 billion yuan (US$32 billion) once the current limit of 70 billion yuan is reached. It hopes the increase will channel more funds into the stock market. In April the quota was raised from 20 billion yuan to 70 billion yuan.
Property developers gained after the National Bureau of Statistics on Sunday said investment in real estate rose 15.4 percent annually to 5.76 billion yuan in the first 10 months of the year.
Poly Real Estate, China's second-largest listed developer, jumped 3.2 percent to 11.62 yuan, and Gemdale Corp added 2.4 percent to close at 5.46 yuan.
The Shanghai Composite Index added 0.5 percent to 2,079.27 points, reversing a five-day losing streak.
Data from the General Administration of Customs showed China's trade surplus in October widened to US$32 billion from September's US$27 billion. Exports surged 11.6 percent annually, up from a gain of 9.9 percent in September, while imports grew an annual 2.4 percent.
"The trade data, especially the export figure, added to evidence that China's economy has started to rebound quickly," said Liu Ligang, chief economist for China with the Australia and New Zealand Bank.
Investors were also cheered after the China Securities Regulatory Commission signaled it plans to raise the quota for the Renminbi Qualified Foreign Institutional Investor (RQFIIs) scheme by 200 billion yuan (US$32 billion) once the current limit of 70 billion yuan is reached. It hopes the increase will channel more funds into the stock market. In April the quota was raised from 20 billion yuan to 70 billion yuan.
Property developers gained after the National Bureau of Statistics on Sunday said investment in real estate rose 15.4 percent annually to 5.76 billion yuan in the first 10 months of the year.
Poly Real Estate, China's second-largest listed developer, jumped 3.2 percent to 11.62 yuan, and Gemdale Corp added 2.4 percent to close at 5.46 yuan.
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