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Shares in China rise on trade data | |
(about 1 month later) | |
Shares in China were higher on Monday as weaker-than-expected trade data from the mainland raised hopes among investors that Beijing may introduce further stimulus measures soon. | |
The Shanghai Composite benchmark ended 2.2% higher at 4,121.71. | |
The index crossed the 4,000 mark for the first time since 2008 on Friday. | |
China's monthly trade data showed its exports fell in March from a year ago by 14.6% in yuan terms, compared with forecasts for a rise of more than 8%. | |
Imports fell 12.3% in yuan terms compared with forecasts for a fall of more than 11%. | |
The official numbers mean the country's monthly trade surplus has shrunk to its smallest in 13 months. | |
Analysts said the export numbers for March were a surprise. | |
Hong Kong's Hang Seng index closed up 2.7% at 28,016.34 to hit a fresh seven-year high as the market continued to benefit from large inflows of money from mainland Chinese investors through the new stock connect trading link. | |
Last month, Beijing allowed mutual funds to invest in Hong Kong through the connect plan. | |
Iron ore falls | |
In Japan, the benchmark Nikkei 225 index closed flat, down just 0.01% at 19,905.46 points. | |
On Friday, the index traded above 20,000 for the first time since April 2000 and it is up nearly 15% this year. | |
Australian shares were in positive territory early on Monday but lost gains later with the S&P/ASX 200 closing down 0.14% at 5,960.30. | |
Commodity prices were weighing on shares of some mining companies as iron prices remain depressed. | |
Australia has said it expects the plunging price of iron ore to slash revenue forecasts by A$25bn (£13bn; $19bn) over the next four years. | |
Australian Treasurer Joe Hockey told the Australian Financial Review that the price for iron ore, Australia's biggest export, could fall as low as $35 a tonne. | Australian Treasurer Joe Hockey told the Australian Financial Review that the price for iron ore, Australia's biggest export, could fall as low as $35 a tonne. |
Atlas Iron shares remained suspended. The company said on Friday that it would stop all mining in Australia because iron ore prices were below its breakeven level. | |
"Despite an extensive cost-cutting programme... the global supply-demand imbalance for iron ore has driven prices down to the point where it is no longer viable for Atlas to continue production," the firm said. | |
In South Korea, the Kospi share index closed up 0.5% at 2,098.92. | |