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Strong export data bolster Shanghai stocks
By Feng Jianmin |
May 10, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market rose for the second day after data showed a strong growth in exports.
The benchmark Shanghai Composite Index added 0.63 percent, or 18.17 points, to close at 2,890.63. Turnover rose to 96 billion yuan (US$14.8 billion) from yesterday's 94 billion yuan.
China's top customs bureau said this morning that the country's exports in April rose 29.9 percent from last year to a record high US$155.7 billion. Import was US$144.3 billion, 21.8 percent higher than last year.
"China's export growth beat our estimates, mainly as a result of an economic recovery of Europe and the United States," said Hu Yuexiao, an analyst with Shanghai Securities. "But import was slowing as domestic demand was hurt by higher commodity prices and tighter policies. This resulted in a higher-than-expected surplus."
Hu estimated that yuan will appreciate at a stable pace, guaranteeing price advantages for domestic producers.
Exporters rallied. Jiangsu Sainty Corp climbed 4.4 percent to 12.10 yuan. Nanjing Textiles Imp & Exp Corp jumped 3.5 percent to 9.29 yuan.
Oil and coal producers rose after oil prices rebounded to above US$100 a barrel in New York. PetroChina added 0.5 percent to 11.20 yuan. Yanzhou Coal Mining Co jumped 2.2 percent to 32.52 yuan.
Banks were strong on news that China's central bank will resume issuing 3-year bills after 6 months' suspension, according to China Securities Journal. The measure indicates that the central bank will withdraw liquidity more effectively with open market operations and thus may reduce the frequency of raising reserve requirements, the newspaper said.
Agricultural Bank of China was climbed 1 percent to 2.92 yuan. China Merchants Bank added 1.2 percent to 14.17 yuan.
The benchmark Shanghai Composite Index added 0.63 percent, or 18.17 points, to close at 2,890.63. Turnover rose to 96 billion yuan (US$14.8 billion) from yesterday's 94 billion yuan.
China's top customs bureau said this morning that the country's exports in April rose 29.9 percent from last year to a record high US$155.7 billion. Import was US$144.3 billion, 21.8 percent higher than last year.
"China's export growth beat our estimates, mainly as a result of an economic recovery of Europe and the United States," said Hu Yuexiao, an analyst with Shanghai Securities. "But import was slowing as domestic demand was hurt by higher commodity prices and tighter policies. This resulted in a higher-than-expected surplus."
Hu estimated that yuan will appreciate at a stable pace, guaranteeing price advantages for domestic producers.
Exporters rallied. Jiangsu Sainty Corp climbed 4.4 percent to 12.10 yuan. Nanjing Textiles Imp & Exp Corp jumped 3.5 percent to 9.29 yuan.
Oil and coal producers rose after oil prices rebounded to above US$100 a barrel in New York. PetroChina added 0.5 percent to 11.20 yuan. Yanzhou Coal Mining Co jumped 2.2 percent to 32.52 yuan.
Banks were strong on news that China's central bank will resume issuing 3-year bills after 6 months' suspension, according to China Securities Journal. The measure indicates that the central bank will withdraw liquidity more effectively with open market operations and thus may reduce the frequency of raising reserve requirements, the newspaper said.
Agricultural Bank of China was climbed 1 percent to 2.92 yuan. China Merchants Bank added 1.2 percent to 14.17 yuan.
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