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Shanghai: Stocks rise to 3-month high on upbeat trade data
[SHANGHAI] Stocks in Shanghai jumped more than 1 per cent to a three-month high on Wednesday, after better-than-expected Chinese trade data offered fresh signs that the economic slowdown was bottoming.
Energy and resource shares led the way as global oil prices surged to the highest level in 2016 in overnight trading, while commodity prices broadly rallied.
The Shanghai Composite Index gained 1.4 per cent, to 3,066.64 points, the highest closing level since Jan 8. The blue-chip CSI300 index rose 1.3 per cent, to 3,261.38.
China's March exports blew past analyst expectations, rising 11.5 per cent from a year earlier, the first increase since June and the largest rise since February 2015. Imports fell by 7.6 per cent from a year earlier, less than expected.
The trade data is "significantly higher than expected in March, which could continue to boost the risk sentiment in the short term," wrote Zhou Hao, economist at Commerzbank AG.
Stocks rose across the board, with the energy and resource sector jumping 2.4 per cent and 2.8 per cent, respectively.