China8217;s key stock index closed up 2.8 per cent on Wednesday,its biggest one-day gain in more than two weeks,after news of stronger-than-expected export growth last month eased fears that Europe8217;s debt crisis may hit the country8217;s economic growth.
The benchmark Shanghai Composite Index ended at 2,583.8 points,its highest close this month and rebounding from a slide earlier this week to a 13-month closing low.
Chinese exports in May grew about 50 percent from a year earlier,sources told Reuters on Wednesday,citing a senior government official8217;s comments to an internal investor conference. The data is due for release on Thursday.
8220;The export figures are very positive for the market. There is concern about the external economic situation so this is a boost for A shares,8221; said Zheng Weigang,senior trader at Shanghai Securities.
The Shanghai benchmark has been one of the world8217;s worst performing indexes,down around 21 percent since the start of this year,after the government unleashed a host of policy tightening measures to subdue the sizzling property sector and ease fears of an overheating economy.
Turnover surged to 102 billion yuan 14.94 billion,its second-highest in a month,from the previous day8217;s 69 billion yuan. Winners overwhelmed losers by 889 to 22.