Shanghai Composite closes up 0.83% at 3,154 points (Il Sole 24 Ore Radiocor) - Shanghai, 09 May - Chinese shares closed higher after yesterday's losses, resuming a recent rebound and climbing to their highest levels in 2024.

Mainland stocks outperformed their Asian peers after data showed that Chinese imports rose more than expected in April, fuelling hopes that domestic demand in the country is picking up. Imports grew 8.4% from a year earlier after falling 1.9% in March. Exports rose 1.5% year on year in April, reversing a 7.5% decline in March.

In April, China's trade surplus widened to 72.35 billion dollars from 58.55 billion in March, according to the General Administration of Customs.

Last week upbeat service sector data rekindled optimism over the country's economic recovery.

Also helping support sentiment, authorities loosened more restrictions to prop up the country's troubled property market.

According to Reuters, the city of Hangzhou had lifted all home purchase restrictions, following similar moves in Shanghai and Beijing seen earlier this year.

The Shanghai Composite index closed up 0.83% at 3,154 points, while the Shenzhen CSI 300 closed up 0.95% at 3,664 points.

The Shanghai Composite was up 2.6% in April, while the CSI300 rose 2.5% for the month, both outperforming their regional peers as optimism over corporate earnings and a series of policy support measures to boost investor confidence recently helped lift sentiment.

AAA-Ver

(RADIOCOR) 09-05-24 11:07:26 (0266) 5 NNNN