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Stocks rebound early on trade data
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SHANGHAI’S stocks rebounded early on China’s better-than-expected trade data today, posing for a weekly gain ahead of the announcement of inflation and industrial output data.
The Shanghai Composite Index rose 0.48 percent to 2,056.64 points, the highest in seven weeks, by the noon break.
China’s exports rose 5.1 percent last month from a year earlier to US$186 billion, while imports jumped 10.9 percent to US$168.2 billion, registering a trade surplus of US$17.8 billion, the General Administration of Customs said today.
Shanghai’s total trade rose 3.1 percent to US$39.7 billion.
China Vanke Co, the nation’s biggest developer, shed 0.2 percent to 9.96 yuan (US$1.61). It gained 0.5 percent yesterday after posting a net profit of 4.56 billion yuan in the first half.
Sundy Land Investment Co, a Hangzhou-based developer, slumped 3.17 percent to 5.5 yuan, narrowing its gains of yesterday. The firm announced a refinancing plan this week that could raise as much as 1.5 billion yuan to fund two housing projects.
Xinhu Zhongbao Co, another Hangzhou developer, also retreated 2.3 percent to 3.39 yuan after announcing share sales earlier.
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