SHANGHAI stocks gained in morning trading after China reported better-than-expected export growth today. The Shanghai Composite Index edged up 0.27 percent to 2,241.54 points.
Chinese exports grew 14.7 percent to 1.17 trillion yuan (US$187 billion) in April, the General Administration of Customs said today. That compared with a median forecast of 9.2 percent by analysts surveyed by Bloomberg and a 10 percent growth in March.
"We expect the stock index to rise in the second quarter as China has shown obvious signs of economic recovery. Potential economic recovery in Japan and the United States will help boost China's exports," said Chen Li, chief strategist at UBS.
A survey released yesterday by Franklin Templeton showed that nearly 70 percent of Chinese investors believe the market will go up this year, compared with 11 percent last year.
The survey, conducted in January, polled 500 Chinese investors.
China CNR Corp and CSR Corp, the country's two biggest train manufacturers, increased 1.4 percent and 1 percent respectively after the China Securities Journal revealed that Xinjiang Uygur Autonomous Region will invest 16.8 billion yuan in railway development.