Li’s high-speed rail support lifts shares
Print Edition
SHANGHAI stocks jumped yesterday after Premier Li Keqiang further encouraged China’s high-speed railway companies to tap global markets.
The Shanghai Composite Index gained 2.17 percent to 4,121.72 points. The benchmark last closed above 4,100 points on March 11, 2008.
Li said the government will support Chinese train manufacturers and relevant railway equipment producers to enlarge China’s share of the global railway industry.
China CNR Corp and CSR Corp surged by the daily 10 percent cap to 26.26 yuan (US$4.22) and 24.50 yuan, while China Railway Construction Co jumped 8.33 percent to 19.64 yuan.
The market also digested China’s monthly trade data showing its exports fell in March from a year ago by 14.6 percent, compared with expectations for a rise of over 8 percent. Imports shed 12.3 percent compared with forecasts for a fall of above 11 percent.
The figures indicated China’s monthly trade surplus has shrunk to its smallest in 13 months. Analysts said the March export figures were a surprise and raised hopes among investors the authorities may unveil more stimulus measures soon.
Also, starting yesterday investors could open up to 20 stock trading accounts in the A-share market, the China Securities Depositary and Clearing Co said on Sunday.
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