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Shanghai market higher on strong trade data
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SHANGHAI stocks edged up in morning trading as upbeat trade data eased concern over economic slowdown.
The benchmark Shanghai Composite Index added 0.06 percent, or 1.24 points, to 2,104.91. Turnover was 61.1 billion yuan (US$10 billion) by the noon break.
Chinese exports expanded 10.6 percent year on year in January, accelerating from the 4.3 percent growth rate in December. Imports surged 10 percent, compared with 8.3 percent in December, the General Administration of Customs said today.
China CITIC Bank gained 6.2 percent to 4.44 yuan after posting a limit-up yesterday. Everbright Securities paced the gain of securities, adding 5.6 percent to 8.83 yuan.
Environment-related stocks advanced while coal miners slumped after Zhai Qing, vice minister of environmental protection, said China is working on policies to cut air pollution by reducing coal consumption.
Tianjin Capital Environment Protection Group Ltd climbed 5.9 percent to 9.33 yuan. Beijing Capital Co Ltd rose 1.27 percent to 7.19 yuan.
Shanxi Coking Co Ltd slipped 4.3 percent to 6.87 yuan. Yang Quan Coal Industry (Group) Co Ltd lost 1.9 percent to 6.70 yuan.
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