SHANGHAI stocks dropped this morning after data showed China's export growth in March was slower than expected. The benchmark Shanghai Composite Index lost 0.31 percent to 2,218.76 points. Turnover was 39 billion yuan (US$6.3 billion) by midday.
China posted a trade deficit of US$880 million in March, according to a customs report today. That compared with a surplus of US$ 15.3 billion in February.
Exports increased 10 percent in March from a year earlier, moderating from a 21.8 percent jump in February and missing the market expectation of 11.7 percent. But imports rose 14.1 percent.
Health-related stocks declined. Shinva Medical Instrument Co slid 5.3 percent to 33.90 yuan. China Resources Wandong Medical Equipment Co lost 2.7 percent to 11.04 yuan.
Property developers were mixed. Poly Real Estate, China's second-largest developer, added 0.1 percent to 11.79 yuan after the company said its March sales reached 12 billion yuan, a year-on-year increase of 23.6 percent. China Enterprise Co Ltd fell 3.9 percent to 5.25 yuan.
Distilleries gained after the National Food Industry Association said it will introduce a new plasticizer standard for liquor producers.
Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 3.5 percent to 169.30 yuan. Sichuan Tuopai Shede Wine Co gained 5 percent to 20.30 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 4.7 percent to 31.03 yuan.
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