Strong rise in exports helps index close up
By Feng Jianmin |
May 9, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday ended higher for the fourth day in a row after China reported better-than-expected growth in exports last month.
The Shanghai Composite Index rose 0.48 percent to 2,246.3 points, the highest since March 27.
Chinese exports jumped 14.7 percent to 1.17 trillion yuan (US$187 billion) in April, the General Administration of Customs said yesterday.
The jump was better than the 9.2 percent median forecast by analysts surveyed by Bloomberg News and higher than a 10 percent gain in March.
"We expect the composite index to rise in the second quarter as liquidity remained sufficient," said Chen Li, chief strategist of UBS. He added that a potential economic recovery in Japan and the United States will help boost Chinese exports.
China's two biggest train makers rose after the China Securities Journal reported that the Xinjiang Uygur Autonomous Region plans to invest 16.8 billion yuan to develop railways. CSR Corp increased 1.2 percent to 4.13 yuan. Rival China CNR Corp advanced 0.7 percent to 4.27 yuan.
The Shanghai Composite Index rose 0.48 percent to 2,246.3 points, the highest since March 27.
Chinese exports jumped 14.7 percent to 1.17 trillion yuan (US$187 billion) in April, the General Administration of Customs said yesterday.
The jump was better than the 9.2 percent median forecast by analysts surveyed by Bloomberg News and higher than a 10 percent gain in March.
"We expect the composite index to rise in the second quarter as liquidity remained sufficient," said Chen Li, chief strategist of UBS. He added that a potential economic recovery in Japan and the United States will help boost Chinese exports.
China's two biggest train makers rose after the China Securities Journal reported that the Xinjiang Uygur Autonomous Region plans to invest 16.8 billion yuan to develop railways. CSR Corp increased 1.2 percent to 4.13 yuan. Rival China CNR Corp advanced 0.7 percent to 4.27 yuan.
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