China Market rises on strong trade data

Mainland China share market finished session higher on Thursday, 09 May 2024, as investors risk sentiments underpinned on signs of a pick-up in demand after solid April trade data. Meanwhile, the latest property policy in a megacity also improved sentiment.

China's exports and imports returned to growth in April after contracting in the previous month, signalling an encouraging improvement in demand at home and overseas. Also, China's eastern metropolis of Hangzhou said on Thursday it will lift all home purchase restrictions to shore up its real estate market, raising the prospect of other cities following suit.

At close of trade, the benchmark Shanghai Composite index rose 0.83%, or 25.84 points, to 3,154.32. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.34%, or 23.78 points, to 1,796.61. The blue-chip CSI300 index climbed up 0.95%, or 34.34 points, to 3,665.56.

ECONOMIC NEWS: Chinese Exports Recover In April - China's exports rebounded more than expected in April on lower base of comparison, the customs office reported Thursday. Exports advanced 1.5% on a yearly basis in April, faster than the 1% expected growth. The growth reversed March's 7.5% decrease. Imports posted an annual increase of 8.4%, which was also bigger than economists' forecast of 5.4%. As a result, the trade balance showed a surplus of $72.4 billion in April. However, the surplus remained below the expected level of $81.4 billion.

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