Chinese Shares Climb on Forecast-Beating Exports; Baota Industry Jumps 6%
Chinese shares ended the first trading day of the week on a positive note, buoyed by surprisingly strong export growth despite the persistent trade tensions with the US.
The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.8%, or 24.58 points, to 3,262.81. The Shenzhen Component Index added 0.5%, or 49.86 points, to 9,884.30.
Investor sentiment was notably lifted by the latest trade data, which revealed a significant surge in China's exports for March.
Exports climbed 12.4% year-on-year, far exceeding the 4.4% growth forecast by analysts polled by Reuters.
In contrast, imports in March contracted 4.3%, a steeper fall compared to the 2% decline forecasted by Reuters-polled analysts.
In corporate news, Baota Industry jumped 6% at the closing bell after the company's announcement of a change in its acquisition strategy for Ningxia Electric Power Investment New Energy.
Baota Industry now intends to finance the acquisition through a cash payment, deviating from its initial plan of issuing shares.
Meanwhile, YCIC Eco-Technology closed over 3.4% higher after its consortium was selected as the first preferred bidder for a 21.1 billion yuan highway reconstruction project.
Source : MT Newswires
