SHANGHAI:- Chinese shares shot up more than three percent in afternoon trade on Monday after weak November exports data sparked hopes for more policy easing, dealers said.
The benchmark Shanghai Composite Index surged 3.13 percent, or 91.91 points, to 3,029.56, breaking the psychological level of 3,000 points for the first time since April 2011.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 1.12 percent, or 16.28 points, to 1,470.91.
China announced Monday that exports from the world’s second-largest economy expanded 4.7 percent year-on-year to $211.66 billion in November. Median forecasts had been for exports to increase 8.0 percent.
Analysts said investors expected more easing efforts to support the domestic economy, extending the rally from China’s surprise late November interest rate cut.
“The weak exports data strengthened market expectations for policy easing and investors continued to place their money in heavyweight blue-chips like banks, brokerages and property stocks,” Central China Securities analyst Zhang Gang told AFP.