Stocks extend lead on rosy trade figures

By Louise Ho in Shanghai Source:Global Times Published: 2013-5-8 22:23:01

Stock markets on the Chinese mainland climbed higher again Wednesday as strong April trade data boosted turnover and confidence in the broader economy.

The benchmark Shanghai Composite Index added 0.48 percent, or 10.72 points, to finish the day at 2,246.30; while the Shenzhen Component Index tacked on 0.58 percent, or 51.94 points, to close at 9,074.84.

According to figures released Wednesday by customs authorities, the value of China's imports and exports during April jumped 15.7 percent month-on-month to reach $35.59 billion. The country ended the month with an $18.16 billion trade surplus, reversing from March's $884 million deficit and reviving optimism in the country's economic outlook.

The media and entertainment sector spent most of Wednesday on an upward track after Beijing Enlight Media Co announced that one of the films it distributes, So Young, had brought in over 520 million yuan ($84.67 million) in ticket sales through the 12-day period ending Tuesday. The company surged past the 10-percent daily limit to 30.66 yuan.

Coal stocks largely weakened however, overturning gains from the previous session. Kailuan Energy Chemical Co dropped 0.94 percent to 8.46 yuan.

In individual equities, Leshi Internet Information & Technology Corp, operators of the LeTV online video sharing platform, jumped past the daily limit to end 41.11 yuan after the company launched its first self-branded smart television set Tuesday.

LeTV's device had an adverse effect on fellow smart TV manufacturer Hisense Electric Co, which shed 8.06 percent to 13.81 yuan.



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