SHANGHAI’S stock market rose for the second day in the morning session after data showed a strong growth in exports.
The benchmark Shanghai Composite Index edged up 0.32 percent, or 9.11 points, to close at 2881.57. Turnover fell to 50.2 billion yuan (US$7.7 billion) from yesterday morning’s 52.5 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.
Oil and coal producers led the gainers after oil prices rebounded to above US$100 a barrel in New York. PetroChina added 0.3 percent to 11.18 yuan. Yanzhou Coal Mining Co jumped 1.6 percent to 32.35 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.
Industrial and Commercial Bank of China was up 0.4 percent to 4.59 yuan. China Merchants Bank jumped 1.7 percent to 5.14 yuan.