China Stocks Rebound Shrugging Off Export Slump
- PetroChina, ICBC erase losses in last 10 minutes of trading
- Chinese exports slump worse-than-estimated 25% in February
China February Exports Fall 25.4%
This article is for subscribers only.
China’s benchmark stock index eked out a gain in the final minutes of trading as speculation of buying by state-backed funds helped offset plunging exports.
The Shanghai Composite Index erased a loss of 3.1 percent to close 0.1 percent higher. Industrial & Commercial Bank of China Ltd. and PetroChina Co., long considered to be a targets of government buying because of their large index weighting, were the biggest contributors to gains. Transportation and raw-material companies declined after data showed China’s outbound shipments sank last month by the most since May 2009.