BEIJING: China’s exports and imports surged in September, officials data showed Friday, providing President Xi Jinping a boost as he prepares to accept a second term as Communist Party chief this month.
Customs figures showed exports grew 8.1 percent and imports expanded 18.7 percent in September.
That compares with a 5.5 percent rise in exports and a 13.3 percent jump in imports seen the month before.
However, while the imports reading beat forecasts in a Bloomberg News survey, exports fell slightly short.
The September trade surplus reached $28.5 billion (SR106.87 billion), compared to $47 billion in August.
“Today’s figures suggest that not only has strong foreign demand continued to prop up manufacturing activity in China but domestic demand remains resilient too,” Julian Evans-Pritchard, China Economist at Capital Economics wrote in a note.
But Evans-Pritchard said the figures were skewed because there were more working days last month compared with last year’s period, as the nearly week-long Mid-Autumn Festival holiday was held in September 2016.
It was the latest positive economic news for China after the International Monetary Fund’s released a report this week raising the country’s growth forecasts for 2017 and 2018 to 6.8 percent and 6.5 percent, respectively.
However, analysts have repeatedly warned that China’s growing debt mountain still poses risks to its economy.
Xi is expected to secure a second five-year term as general secretary of the Communist Party during its twice-a-decade congress, which opens on Wednesday.
China’s exports, imports pick up pace in September
China’s exports, imports pick up pace in September
Closing Bell: Saudi main index closes in green at 10,917
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated.
The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06.
The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53.
Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59.
Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price.
On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59.
ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56.
Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97.
On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.
The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.
Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase.
Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.
The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.
According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.
Its share price remained unchanged on Nomu at SR16.40.
