SHANGHAI stocks climbed four days in a run today after China reported better-than-expected export growth in April.
The benchmark Shanghai Composite Index rose 0.48 percent to 2,241.54 points, the highest since March 27.
Chinese exports jumped 14.7 percent to 1.17 trillion yuan (US$187 billion) in April, the General Administration of Customs said today. That compared with a 9.2 percent median forecast by analysts surveyed by Bloomberg News and a 10 percent increase in March.
"We expect the composite index to rise in the second quarter as China has shown signs of economic recovery and potential recovery in Japan and the United States will help boost Chinese exports," said Chen Li, chief strategist of 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 was conducted in January and 500 Chinese investors were polled.
China CNR Corp and CSR Corp, the country's two biggest train manufacturers, gained 1.2 percent and 0.7 percent respectively after the China Securities Journal revealed that Xinjiang Uygur Autonomous Region plans to invest 16.8 billion yuan in railway development.