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Shanghai index up slightly despite dismal trade data
By Ye Zhen |
July 10, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced in morning trading, helped by heavyweights, even though new official data showed China's exports and imports both declined in June.
The benchmark Shanghai Composite Index gained 7.62 points, or 0.39 percent, to 1,973.08. Turnover was 30.8 billion yuan (US$5 billion) by the noon break.
China's exports fell 3.1 percent from a year earlier in June, the first year-on-year drop since January 2012, the General Administration of Customs said today.
The figure slipped from a gain of 1 percent in May and missed the forecast for a 4 percent rise by economists surveyed by the Reuters, indicating the world's second-largest economy is in the doldrums.
Imports dropped 0.7 percent after declining 0.3 percent in May, the data showed.
Most homebuilders advanced on optimism about earnings after China Merchants Property Development Co predicted a 105 percent to 113 percent annual growth in its first-half net profit.
Zhejiang Dongri Co Ltd surged 8.2 percent to 10.38 yuan. Shanghai Xinmei Real Estate Co jumped 9.9 percent to 4.22 yuan. Poly Real Estate, China's second-largest developer, added 0.4 percent to 10.16 yuan.
China Petroleum & Chemical Corp jumped 3 percent to 4.46 yuan.
The benchmark Shanghai Composite Index gained 7.62 points, or 0.39 percent, to 1,973.08. Turnover was 30.8 billion yuan (US$5 billion) by the noon break.
China's exports fell 3.1 percent from a year earlier in June, the first year-on-year drop since January 2012, the General Administration of Customs said today.
The figure slipped from a gain of 1 percent in May and missed the forecast for a 4 percent rise by economists surveyed by the Reuters, indicating the world's second-largest economy is in the doldrums.
Imports dropped 0.7 percent after declining 0.3 percent in May, the data showed.
Most homebuilders advanced on optimism about earnings after China Merchants Property Development Co predicted a 105 percent to 113 percent annual growth in its first-half net profit.
Zhejiang Dongri Co Ltd surged 8.2 percent to 10.38 yuan. Shanghai Xinmei Real Estate Co jumped 9.9 percent to 4.22 yuan. Poly Real Estate, China's second-largest developer, added 0.4 percent to 10.16 yuan.
China Petroleum & Chemical Corp jumped 3 percent to 4.46 yuan.
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