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Shares climb on hopes for measures
By Ye Zhen |
September 11, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for a third day on hopes the central government will move to invigorate a flagging economy after data for August showed that China's trade was weak.
The Shanghai Composite Index rose 0.34 percent to 2,134.89 points, the highest since August 14.
China's exports in August gained 2.7 percent from a year earlier to US$177.9 billion, up from a 1 percent growth in July, the General Administration of Customs said yesterday. Imports fell 2.6 percent to US$151.3 billion, down sharply from July's 4.7 percent gain.
The weaker-than-expected trade data reflected no improvement in the external environment, said Liu Ligang, chief economist at ANZ Bank for China.
Last week, the government unveiled infrastructure projects worth around 1 trillion yuan (US$158 billion), fueling talk that infrastructure investment will be used to boost the economy.
Speaking at an Asia-Pacific Economic Cooperation summit in Vladivostok in Russia, President Hu Jintao urged APEC members to rev up infrastructure development to boost domestic demand, create more jobs and achieve sustainable economic growth.
Anhui Conch Cement Co rose 2.6 percent to 15.46 yuan, Fujian Cement Inc up 7.6 percent to 6.93 yuan and Gansu Qilianshan Cement Group surged by the 10-percent daily limit to 11.62 yuan.
The Shanghai Composite Index rose 0.34 percent to 2,134.89 points, the highest since August 14.
China's exports in August gained 2.7 percent from a year earlier to US$177.9 billion, up from a 1 percent growth in July, the General Administration of Customs said yesterday. Imports fell 2.6 percent to US$151.3 billion, down sharply from July's 4.7 percent gain.
The weaker-than-expected trade data reflected no improvement in the external environment, said Liu Ligang, chief economist at ANZ Bank for China.
Last week, the government unveiled infrastructure projects worth around 1 trillion yuan (US$158 billion), fueling talk that infrastructure investment will be used to boost the economy.
Speaking at an Asia-Pacific Economic Cooperation summit in Vladivostok in Russia, President Hu Jintao urged APEC members to rev up infrastructure development to boost domestic demand, create more jobs and achieve sustainable economic growth.
Anhui Conch Cement Co rose 2.6 percent to 15.46 yuan, Fujian Cement Inc up 7.6 percent to 6.93 yuan and Gansu Qilianshan Cement Group surged by the 10-percent daily limit to 11.62 yuan.
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