Stocks ride on export growth
By Feng Jianmin and Ding Yining |
July 13, 2010, Tuesday
|
Print Edition
Print Edition
THE Shanghai stock market closed nearly 1 percent higher yesterday after a surge in exports in June.
The Shanghai Composite Index added 0.8 percent, or 19.80 points, to close at 2,490.72. Turnover totaled 72.3 billion yuan (US$10.6 billion).
Statistics from the General Administration of Customs showed that China's exports in June jumped 44 percent from a year earlier to 137.4 billion yuan. The growth rate was 4.4 percentage points higher than the previous month's. Imports in the first half soared 40 percent from last year to 117.3 billion yuan.
"The surge of imports and exports in the first half indicated domestic and overseas markets have recovered," said CITIC Securities' Chu Jianfang.
He cautioned, however, that the (export growth) figure was likely to drop in the second half due to the European debt crisis and the appreciation of the yuan.
Metal producers rose. Jiangxi Copper Co added 1.20 percent to 25.30 yuan. Yunnan Copper Co gained 2.37 percent to 18.55 yuan and Aluminum Corp of China edged up 0.44 percent to 9.14 yuan.
Gold miners finished stronger after gold prices surged 1.28 percent to US$1,211.70 an ounce.
Zhongjin Gold Mining Co surged 3.35 percent to 27.46 yuan. Shandong Gold Mining Co advanced 2.34 percent to close at 34.15 yuan.
The Shanghai Composite Index added 0.8 percent, or 19.80 points, to close at 2,490.72. Turnover totaled 72.3 billion yuan (US$10.6 billion).
Statistics from the General Administration of Customs showed that China's exports in June jumped 44 percent from a year earlier to 137.4 billion yuan. The growth rate was 4.4 percentage points higher than the previous month's. Imports in the first half soared 40 percent from last year to 117.3 billion yuan.
"The surge of imports and exports in the first half indicated domestic and overseas markets have recovered," said CITIC Securities' Chu Jianfang.
He cautioned, however, that the (export growth) figure was likely to drop in the second half due to the European debt crisis and the appreciation of the yuan.
Metal producers rose. Jiangxi Copper Co added 1.20 percent to 25.30 yuan. Yunnan Copper Co gained 2.37 percent to 18.55 yuan and Aluminum Corp of China edged up 0.44 percent to 9.14 yuan.
Gold miners finished stronger after gold prices surged 1.28 percent to US$1,211.70 an ounce.
Zhongjin Gold Mining Co surged 3.35 percent to 27.46 yuan. Shandong Gold Mining Co advanced 2.34 percent to close at 34.15 yuan.
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