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Shanghai shares rose on stronger exports
By Feng Jianmin |
July 12, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session on a surge of exportS in June.
The benchmark Shanghai Composite Index went up 0.81 percent, or 20 points, to close at 2490.91. Turnover was 47.5 billion yuan (US$ 7 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, rose 0.94 percent to 993.56 points.
Statistics from the General Administration of Customs showed that China's exports in June rose 44 percent from a year earlier to 137.4 billion yuan. The growth rate was 4.4 percentages higher than the previous month.
Imports in the first half grew 40 percent from last year to 117.3 billion yuan.
"The surge of import and export in the first half indicated recoveries of both domestic and overseas markets," said Chu Jianfang from CITIC Securities. "But the (export growth) figure is likely to drop in the second half on influence of the European debt crisis and the appreciation of yuan."
Metal producers picked up. Jiangxi Copper Co grew 2.64 percent to 25.66 yuan. Yunnan Copper Co advanced 3.2 percent to 18.70 yuan. Aluminum Corp of China was 1.32 percent to 9.22 yuan.
Property developers led the gainers after the country's top statistics bureau reported that home prices in 70 cities went up 11.4 percent than a year earlier, but dropped 0.1 percent from the previous month.
Gemdale Real Estate Corp rallied 4.3 percent to 6.80 yuan after it said first-half sales dropped 37.3 percent to 5.4 billion yuan. China Vanke advanced 5.11 percent to 7.61 yuan. Poly Real Estate (Group) Co jumped 4.64 percent to 11.95 yuan.
Banks gained. China Merchants Bank gained 2 percent to 13.89 yuan. Shanghai Pudong Development Bank added 1.26 percent to 14.41 yuan. Industrial and Commercial Bank of China climbed 3.1 percent to 4.32 yuan.
The benchmark Shanghai Composite Index went up 0.81 percent, or 20 points, to close at 2490.91. Turnover was 47.5 billion yuan (US$ 7 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, rose 0.94 percent to 993.56 points.
Statistics from the General Administration of Customs showed that China's exports in June rose 44 percent from a year earlier to 137.4 billion yuan. The growth rate was 4.4 percentages higher than the previous month.
Imports in the first half grew 40 percent from last year to 117.3 billion yuan.
"The surge of import and export in the first half indicated recoveries of both domestic and overseas markets," said Chu Jianfang from CITIC Securities. "But the (export growth) figure is likely to drop in the second half on influence of the European debt crisis and the appreciation of yuan."
Metal producers picked up. Jiangxi Copper Co grew 2.64 percent to 25.66 yuan. Yunnan Copper Co advanced 3.2 percent to 18.70 yuan. Aluminum Corp of China was 1.32 percent to 9.22 yuan.
Property developers led the gainers after the country's top statistics bureau reported that home prices in 70 cities went up 11.4 percent than a year earlier, but dropped 0.1 percent from the previous month.
Gemdale Real Estate Corp rallied 4.3 percent to 6.80 yuan after it said first-half sales dropped 37.3 percent to 5.4 billion yuan. China Vanke advanced 5.11 percent to 7.61 yuan. Poly Real Estate (Group) Co jumped 4.64 percent to 11.95 yuan.
Banks gained. China Merchants Bank gained 2 percent to 13.89 yuan. Shanghai Pudong Development Bank added 1.26 percent to 14.41 yuan. Industrial and Commercial Bank of China climbed 3.1 percent to 4.32 yuan.
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