Shares of Yangzijiang Shipbuilding (Holdings) rose as much as 6.5% on hopes that improving Chinese trade data would translate into more orders in the longer term.
China said on Thursday its exports grew 14.1% in December from a year ago to hit a seven-month peak, handsomely beating market expectations of a 4% rise.
“Shipping related stocks are in play because of the good Chinese trade data. With better trade, shipping could improve, which could in turn benefit the shipbuilders,” said a local trader.
Yangzijiang shares climbed 5.1% to $1.135, while rival Cosco Corp (Singapore) was up 5.1% at $1.035. Both were the third and fourth most actively traded stocks by value.
Container shipping firm Neptune Orient Lines gained 0.4%, extending Thursday's 7% gains. Hutchison Port Holdings Trust, which operates ports in China, rose 3% to $0.845.
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