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Shares slide at midday as exports grow at slower pace
By Ye Zhen |
May 10, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged down in today's morning session as growth in exports slowed last month, escalating concern the prolonged eurozone debt crisis may continue to affect Chinese exporters.
The Shanghai Composite Index fell 0.18 percent, or 4.44 points to 2,404.15, Turnover stood at 45.3 billion yuan (US$7.19 billion) at the noon break.
China posted a trade surplus of US$18.5 billion in April, the General Administration of Customs said today. That compared with a surplus of US$5.4 billion a month earlier. Exports increased 4.9 percent from a year earlier to US$163.3 billion, while imports climbed 0.3 percent to US$144.8 billion.
Ningbo Port Company Limited fell 1.14 percent to 2.61 yuan. Shanghai International Port (Group) Co lost 0.34 percent to finish at 2.89 yuan.
Companies in the broadband sector benefited from the government's plan to promote digital development. Hangzhou CNCR-IT Co and Jiangsu Yitong High-tech Co both surged the day limit of 10 percent to 16.12 yuan and 18.05 yuan respectively. Fujian Newland Computer Co gained 4.52 percent to 11.80 yuan.
The government will step up efforts to implement the "Broadband China" project, a strategy brought up in the 12th Five-Year Plan, including speeding up the development of next generation Internet, upgrading the broadband network, and promoting the integration of telecommunications, TV & Radio networks and Internet, said a statement released after a State Council executive meeting presided over by Premier Wen Jiabao.
Industrial & Commercial Bank of China Ltd, the nation's largest lender, rose 0.23 percent to 4.39 yuan after getting approval from the US Federal Reserve to purchase a controlling stake in Bank of East Asia Ltd's US unit.
The Shanghai Composite Index fell 0.18 percent, or 4.44 points to 2,404.15, Turnover stood at 45.3 billion yuan (US$7.19 billion) at the noon break.
China posted a trade surplus of US$18.5 billion in April, the General Administration of Customs said today. That compared with a surplus of US$5.4 billion a month earlier. Exports increased 4.9 percent from a year earlier to US$163.3 billion, while imports climbed 0.3 percent to US$144.8 billion.
Ningbo Port Company Limited fell 1.14 percent to 2.61 yuan. Shanghai International Port (Group) Co lost 0.34 percent to finish at 2.89 yuan.
Companies in the broadband sector benefited from the government's plan to promote digital development. Hangzhou CNCR-IT Co and Jiangsu Yitong High-tech Co both surged the day limit of 10 percent to 16.12 yuan and 18.05 yuan respectively. Fujian Newland Computer Co gained 4.52 percent to 11.80 yuan.
The government will step up efforts to implement the "Broadband China" project, a strategy brought up in the 12th Five-Year Plan, including speeding up the development of next generation Internet, upgrading the broadband network, and promoting the integration of telecommunications, TV & Radio networks and Internet, said a statement released after a State Council executive meeting presided over by Premier Wen Jiabao.
Industrial & Commercial Bank of China Ltd, the nation's largest lender, rose 0.23 percent to 4.39 yuan after getting approval from the US Federal Reserve to purchase a controlling stake in Bank of East Asia Ltd's US unit.
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