Index soars on positive trade data
By Hu Xiaocen |
June 12, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks jumped the most in two weeks on sharp increase in China's exports and imports and decelerating inflation that allows for more policy flexibility.
The Shanghai Composite Index rebounded from its steepest weekly fall for the year and climbed 1.07 percent to 2,305.86 points.
"China's trade numbers are much higher than market expectations," ANZ China said in the latest report. "It suggests that the economy has started to stabilize to a certain extent, and in addition a rebound will emerge soon."
China's exports surged 15.3 percent year on year to US$181.1 billion last month, compared with a 4.9 percent increase in April and 8.9 percent in March, while imports grew 12.7 percent to US$162.4 billion, the General Administration of Customs said on Sunday.
The trade value of US$343.5 billion in May reached a historical high with both exports and imports producing new records, the customs said.
Cargo shippers gained on the expanded trade data in May. China COSCO Holdings Co, the nation's largest dry bulk carrier, surged 3.8 percent to 4.87 yuan (77 US cents), while its listed unit, COSCO Shipping Co, rose 0.9 percent to 4.43 yuan. China Shipping Container Lines Co soared 3 percent to 2.79 yuan.
"The central bank lowered interest rates last week to adjust the economic structure and stabilize growth, as CPI retreated to 3 percent in May from the previous month's 3.4 percent," Central China Securities said in a report yesterday. "Although the cut will not reverse the economic downturn in the short run, it's an important initiative, and the market will rely on further policy easing to stabilize."
Most property developers rose on lower financing cost yesterday. Poly Real Estate Group Co, China's second-biggest developer surged 3.2 percent to 14.07 yuan. Shanghai New Huang Pu Real Estate Co jumped 1.3 percent to 9.19 yuan.
The Shanghai Composite Index rebounded from its steepest weekly fall for the year and climbed 1.07 percent to 2,305.86 points.
"China's trade numbers are much higher than market expectations," ANZ China said in the latest report. "It suggests that the economy has started to stabilize to a certain extent, and in addition a rebound will emerge soon."
China's exports surged 15.3 percent year on year to US$181.1 billion last month, compared with a 4.9 percent increase in April and 8.9 percent in March, while imports grew 12.7 percent to US$162.4 billion, the General Administration of Customs said on Sunday.
The trade value of US$343.5 billion in May reached a historical high with both exports and imports producing new records, the customs said.
Cargo shippers gained on the expanded trade data in May. China COSCO Holdings Co, the nation's largest dry bulk carrier, surged 3.8 percent to 4.87 yuan (77 US cents), while its listed unit, COSCO Shipping Co, rose 0.9 percent to 4.43 yuan. China Shipping Container Lines Co soared 3 percent to 2.79 yuan.
"The central bank lowered interest rates last week to adjust the economic structure and stabilize growth, as CPI retreated to 3 percent in May from the previous month's 3.4 percent," Central China Securities said in a report yesterday. "Although the cut will not reverse the economic downturn in the short run, it's an important initiative, and the market will rely on further policy easing to stabilize."
Most property developers rose on lower financing cost yesterday. Poly Real Estate Group Co, China's second-biggest developer surged 3.2 percent to 14.07 yuan. Shanghai New Huang Pu Real Estate Co jumped 1.3 percent to 9.19 yuan.
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