Key stock index closes higher
Source: Shanghai Daily |
May 11, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday, with China posting an unexpected trade surplus and markets reassured by a euro rescue package to contain the fallout from the Greek debt crisis.
The Shanghai Composite Index added 0.39 percent to 2,698.76, after posting its worst week of this year last week.
Analysts said news of China's unexpected trade surplus for April bolstered the market, which had been hobbled by worries about the outlook for exports. But concerns over deepening inflation and a lack of clarity on policy tightening measures weighed on shares.
"The market is still wary about coming policy measures and how they will affect China's economy," said Zhang Weigang, an analyst at Shanghai Securities.
Economists had expected China to post a second straight monthly trade deficit, although exports only narrowly topped imports.
"Europe's rescue package gave a boost to market sentiment," said Wang Fan, a Donghai Securities Co analyst.
The banking sector gained as its stock prices were considered undervalued. Fujian-based Industrial Bank rose 2.46 percent to 27.53 yuan (US$4.03). The Bank of China added 1.49 percent to 4.09 yuan after it decided to invest 7.5 billion yuan in a rail line from Shanxi Province to Rizhao, a port in Shandong Province.
The Industrial and Commercial Bank of China rose 0.91 percent to 4.43 yuan.
Property stocks rebounded. Poly Real Estate Group rose 3.6 percent to 10.95 yuan after reporting sales rose 16.21 percent in the first four months of this year from a year earlier. Gemdale Corp climbed 3.65 percent to 6.24 yuan.
Elsewhere, Ping An Insurance (Group) Co climbed 4.06 percent to 48.21 yuan after becoming the largest shareholder of Shenzhen Development Bank.
Airlines lost, with Air China, the country's largest international carrier, plunging by the daily limit of 10 percent to 11.06 yuan. China Southern Airlines also fell 10 percent to 6.99 yuan after flights were delayed in Guangdong Province due to stormy weather.
The Shanghai Composite Index added 0.39 percent to 2,698.76, after posting its worst week of this year last week.
Analysts said news of China's unexpected trade surplus for April bolstered the market, which had been hobbled by worries about the outlook for exports. But concerns over deepening inflation and a lack of clarity on policy tightening measures weighed on shares.
"The market is still wary about coming policy measures and how they will affect China's economy," said Zhang Weigang, an analyst at Shanghai Securities.
Economists had expected China to post a second straight monthly trade deficit, although exports only narrowly topped imports.
"Europe's rescue package gave a boost to market sentiment," said Wang Fan, a Donghai Securities Co analyst.
The banking sector gained as its stock prices were considered undervalued. Fujian-based Industrial Bank rose 2.46 percent to 27.53 yuan (US$4.03). The Bank of China added 1.49 percent to 4.09 yuan after it decided to invest 7.5 billion yuan in a rail line from Shanxi Province to Rizhao, a port in Shandong Province.
The Industrial and Commercial Bank of China rose 0.91 percent to 4.43 yuan.
Property stocks rebounded. Poly Real Estate Group rose 3.6 percent to 10.95 yuan after reporting sales rose 16.21 percent in the first four months of this year from a year earlier. Gemdale Corp climbed 3.65 percent to 6.24 yuan.
Elsewhere, Ping An Insurance (Group) Co climbed 4.06 percent to 48.21 yuan after becoming the largest shareholder of Shenzhen Development Bank.
Airlines lost, with Air China, the country's largest international carrier, plunging by the daily limit of 10 percent to 11.06 yuan. China Southern Airlines also fell 10 percent to 6.99 yuan after flights were delayed in Guangdong Province due to stormy weather.
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