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Markets creep higher as foreign trade strengthens

By Louise Ho (Global Times)

09:26, January 11, 2013

Stock markets on the Chinese mainland edged up Thursday as improved December trade data added credibility to opinions that the domestic economy may be pulling out of its recent slowdown.

The benchmark Shanghai Composite Index climbed 8.32 points, or 0.37 percent, to finish at 2,283.66; and the Shenzhen Component Index rose 0.17 percent, or 15.18 points, to close at 9,170.06.

The total value of China's exports jumped 14.1 percent year-on-year in December to $199.2 billion, while imports surged 6 percent to $167.6 billion, according to data released Thursday by the General Administration of Customs. Analysts polled by Reuters had predicted that exports would grow by just 4 percent during the month.

Both markets opened lower Thursday but rallies in new energy and transportation stocks pushed the markets into positive territory, where they remained for most of the trading day. Gains in the heavily weighted steel, property, banking and securities brokerages sectors provided additional fuel for the advances.

China Shipping Container Lines Co increased 3.24 percent to 2.55 yuan ($0.40). Baoshan Iron & Steel Co added 1.21 percent to 5.03 yuan. Poly Real Estate Group Co rose 1.29 percent to 14.17 yuan.

The medical equipment sector also outperformed. Sinocare Inc increased 8.73 percent to 66.98 yuan.

Following news that construction on nuclear projects would resume following a 20-month suspension, new energy sectors also had major wins. New energy equipment makers Dongfang Electric Co and Tianjin Binhai Energy & Development Co jumped 7.10 percent and 1.87 percent to 14.79 yuan and 7.35 yuan respectively.

On the down side, the motor vehicle sector suffered the day's biggest losses. Zhejiang Qianjiang Motorcycle Co shed 3.56 percent to 4.34 yuan. Brewers and liquor producers met with resistance following gains during pervious trading days. Tsingtao Brewery Co dropped 1.51 percent to 33.30 yuan.

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