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Shanghai shares rebound as liquidity, export improve
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SHANGHAI stocks rallied this morning, bolstered by financial companies and property developers. The key Shanghai Composite Index added 0.38 percent, or 7.73 points, to 2,037.69. Half-day turnover was 30.5 billion yuan (US$4.9 billion).
“Market sentiment improved as the likelihood of a liquidity crunch as in June diminished and government effort to boost economy with mini stimulus also helped,” said Yu Cheng, analyst of Northeast Securities.
The market rebound came after data released by the General Administration of Customs yesterday showed China’s exports expanded 7 percent year on year in May, compared with a marginal increase of 0.9 percent in April.
However, imports fell 1.6 percent from a year earlier, reversing a gain of 0.8 percent in April and against market expectation of a 6 percent increase.
Industrial and Commercial Bank of China, the country’s biggest lender, led the gains of financial stocks, rising 1.7 percent to 3.67 yuan. Industrial Bank added 1.1 percent to 9.84 yuan.
Property developers also advanced. Poly Real Estate, China’s second-largest developer, rose 4.3 percent to 5.15 yuan. Gemdale Corporation gained 1.2 percent to 8.47 yuan.
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