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Robust trade data boost Shanghai shares
By Ye Zhen |
February 8, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rose this morning after China released strong trade data that suggest the recovery of the world's second largest economy is gaining momentum.
The key Shanghai Composite Index added 0.34 percent to 2,426.82 points. Turnover was 51.1 billion yuan (US$8.1 billion) by midday.
China's imports surged 28.8 percent year on year to US$158.2 billion in January, up from 6 percent in December, the General Administration of Customs said today. The rise signals growing domestic demand as the nation's economy rebounds.
Exports jumped 25 percent to US$187.4 billion, far outpacing December's 14.1 percent, leaving a trade surplus of US$29.2 billion in January, the Customs said.
Auto makers led the market gains as data from the China Association of Automobile Manufacturer showed that the sales of cars and commercial vehicles soared 46.38 percent year on year to 2.03 million units in January.
SAIC Motor Corporation jumped 6.05 percent to 18.23 yuan. Beiqi Foton Motor Co rose 3.5 percent to 7.70 yuan. Great Wall Motor Co Ltd climbed 5.2 percent to 29.69 yuan.
Non-ferrous metals producers also gained. Inner Mongolia Baotou Steel and Rare-earth Hi-tech Co, China's biggest producer of rare earth materials, added 1.2 percent to 34.33 yuan. Xiamen Tungsten Co increased 2 percent to 42.17 yuan.
The key Shanghai Composite Index added 0.34 percent to 2,426.82 points. Turnover was 51.1 billion yuan (US$8.1 billion) by midday.
China's imports surged 28.8 percent year on year to US$158.2 billion in January, up from 6 percent in December, the General Administration of Customs said today. The rise signals growing domestic demand as the nation's economy rebounds.
Exports jumped 25 percent to US$187.4 billion, far outpacing December's 14.1 percent, leaving a trade surplus of US$29.2 billion in January, the Customs said.
Auto makers led the market gains as data from the China Association of Automobile Manufacturer showed that the sales of cars and commercial vehicles soared 46.38 percent year on year to 2.03 million units in January.
SAIC Motor Corporation jumped 6.05 percent to 18.23 yuan. Beiqi Foton Motor Co rose 3.5 percent to 7.70 yuan. Great Wall Motor Co Ltd climbed 5.2 percent to 29.69 yuan.
Non-ferrous metals producers also gained. Inner Mongolia Baotou Steel and Rare-earth Hi-tech Co, China's biggest producer of rare earth materials, added 1.2 percent to 34.33 yuan. Xiamen Tungsten Co increased 2 percent to 42.17 yuan.
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