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BIZCHINA> Top Biz News
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Strong export data perk up bourses
(China Daily/Agencies)
Updated: 2009-10-15 07:55 The mainland stocks rose, driving the benchmark index to a four-week high, after the nation's exports declined at the slowest pace in nine months, aiding government efforts to sustain the recovery in the economy.
The Shanghai Composite Index rose 34.34, or 1.2 percent, to 2,970.53 at close, its highest close since September 17. The gauge has gained 63 percent this year. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 0.9 percent to 3,227.40. "External demand is improving, which is what investors wanted to see after the government boosted domestic demand through stimulus plans," said Zhang Xiuqi, a Shanghai-based strategist at China International Fund Management Co, which oversees about $10.2 billion. China Railway Group Ltd, the nation's biggest construction company by total assets, climbed 2.5 percent to 6.09 yuan (89 cents). China Shipping Container Lines Co gained 2.2 percent to 4.58 yuan. Shanghai Zhenhua Heavy Industry Co, the world's biggest maker of container cranes, added 1.6 percent to 10.34 yuan. The company derived about 60 percent of its revenue from overseas sales last year, according to data compiled by Bloomberg. Developers advanced as $1.2 trillion of new loans this year spurred housing sales. China State Construction Engineering Corp, the nation's largest housing contractor, climbed 10 percent to 5.25 yuan after saying property sales in the first nine months rose 81 percent from a year earlier and new construction contracts increased 22 percent. Gemdale Corp, the country's fourth-largest developer by market value, jumped 5.8 percent to 14.67 yuan after saying its September property sales rose 57 percent from a year earlier.
Rising oil prices drove energy producers higher. PetroChina, the nation's biggest oil company, climbed 1.5 percent to 13.31 yuan, the biggest contributor to gains on Shanghai measure. China Petroleum & Chemical Corp, the second largest, rose 2 percent to 11.98 yuan. Crude oil for November delivery gained as much as 1.4 percent to $75.15 a barrel in after-hours trading. Hang Seng up Hong Kong stocks rose, with the benchmark index closing at a 14-month high. The Hang Seng Index advanced 2 percent to 21,886.48, its highest close since August 7, 2008. The Hang Seng China Enterprises Index added 2.2 percent to 12,777.74.
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