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Shanghai shares rise on strong exports data
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SHANGHAI stocks inched up this morning, with the benchmark index heading for a fourth week of advance, after data showed China’s trade surplus surged in July on robust export growth.
The key Shanghai Composite Index added 0.25 percent, or 5.48 points, to 2,193.15. Turnover was 61 billion yuan (US$9.8 billion) by noon break.
China’s exports jumped 14.5 percent from a year earlier in July, accelerating unexpectedly from a rise of 7.2 percent in June, data from the General Administration of Customs showed this morning.
The pace was much faster than market expectation of a 7.5 percent growth, adding to confidence that recovering global demand will help the world’s second largest economy to achieve its annual growth target of 7.5 percent this year.
Imports dropped 1.6 percent last month, leaving a trade surplus of US$47.3 billion, nearly tripling year on year, data showed.
“The market has been on a rise for three straight weeks thanks to policy stimulus and improving economy,” said Sun Jianbo, analyst with Galaxy Securities, “This upturn is likely to continue to the end of third quarter as long as there is no significant negative factor.”
Liaoning Wellhope Agri-Tech Joint Stock surged 44 percent to 8.47 yuan in its debut trading on the Shanghai Stock Exchange.
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