Shares flat even with upturn in trade data
Print Edition
SHANGHAI stocks were little changed yesterday as a slight upturn in China’s trade failed to ease market concerns about economic growth.
The Shanghai Composite Index ended 0.01 percent lower at 2,038.34 points.
China’s exports grew 7.2 percent from a year earlier in June from a 7-percent rise in May, the General Administration of Customs said yesterday. Imports rose 5.5 percent last month, reversing from a fall of 1.6 percent in May.
“Both exports and imports grew slower than expected, indicating an economic recovery is lackluster in overseas markets and domestic demand was also too fragile to support an economic rebound,” said Liu Dongliang, a senior analyst at China Merchants Bank.
The bank had predicted an 8.5-percent gain in exports in June and 6.8-percent rise in imports.
The Bank of China dipped 0.8 percent to 2.54 yuan (US$41 cents) after the bank denied helping to launder money for clients by ignoring the annual cap on foreign exchange for individuals.
Xiamen King Long Motor Group gained 6.1 percent to 10.75 yuan after the government said it will exempt taxes on purchases of new energy cars from September 1.
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