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Shares flat as investors shrug off trade figures
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SHANGHAI stocks ended flat yesterday despite China’s positive trade data, but investors were not hopeful the government would unveil extra monetary measures.
The Shanghai Composite Index rose 0.13 percent to close at 3,095.95 points.
Investors were not moved by China’s positive August trade data as analysts said the market had already priced in the data because an earlier reading the official Purchasing Managers’ Index for that month indicated the country’s economy was showing signs of stability.
Exports in yuan-denominated terms rose 5.9 percent year on year in August, accelerating from 2.9 percent in July. Imports increased 10.8 percent, reversing from a drop of 5.7 percent, according to figures from the General Administration of Customs. The imports unexpectedly rose in August for the first time in nearly two years, boosted by coal and other commodities. The gain suggested domestic demand may be picking up and the world’s second-largest economy was on track to a more balanced footing.
Shares of environment-related companies and miners increased, with Sinoma Energy Conservation adding 5.16 percent to finish at 12.22 yuan (US$1.83) and Shaanxi Coal and Chemical Industry Group Co gaining 3.75 percent to close at 6.09 yuan.
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