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Stocks surge 2.69%, highest in 6 weeks
By Hu Xiaocen |
January 10, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks surged on unexpected trade surplus growth in December and renewed optimism after top authorities called for measures to bolster the capital market.
The Shanghai Composite Index jumped 2.69 percent to 2,285.74 points -- the highest close in six weeks. Turnover stood at 91 billion yuan (US$14.4 billion), the most in five weeks.
The General Administration of Customs posted a larger trade surplus in December on diminishing imports. China's exports totaled US$174.7 billion, up 13.4 percent from November and beating the 12.7 percent estimation made by 21 economists.
Imports totaled US$158.2 billion in December, a growth of 11.8 percent but short of the 17.5 percent estimation, reflecting weakening domestic demand.
China Cosco Holding, Asia's largest shipping line, soared 4.7 percent to 4.68 yuan.
Cement industry led the winners with a jump of 5.82 percent while developers gained 3.47 percent.
Guo Shuqing, chairman of the China Securities Regulatory Commission, called for measures to curb overpriced initial public offerings at a meeting in Beijing yesterday. Extensive IPOs were believed to be the main reason of dampened investor confidence.
Recently Chinese leaders have been reiterating the need for a more regulated capital market to better protect investors' rights and boost market confidence.
The Shanghai Composite Index jumped 2.69 percent to 2,285.74 points -- the highest close in six weeks. Turnover stood at 91 billion yuan (US$14.4 billion), the most in five weeks.
The General Administration of Customs posted a larger trade surplus in December on diminishing imports. China's exports totaled US$174.7 billion, up 13.4 percent from November and beating the 12.7 percent estimation made by 21 economists.
Imports totaled US$158.2 billion in December, a growth of 11.8 percent but short of the 17.5 percent estimation, reflecting weakening domestic demand.
China Cosco Holding, Asia's largest shipping line, soared 4.7 percent to 4.68 yuan.
Cement industry led the winners with a jump of 5.82 percent while developers gained 3.47 percent.
Guo Shuqing, chairman of the China Securities Regulatory Commission, called for measures to curb overpriced initial public offerings at a meeting in Beijing yesterday. Extensive IPOs were believed to be the main reason of dampened investor confidence.
Recently Chinese leaders have been reiterating the need for a more regulated capital market to better protect investors' rights and boost market confidence.
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