(Yicai Global) April 12 -- China's mainland stock markets corrected most of today's losses in the last 30 minutes of trading, after the government released strong trade data for the first quarter.
The Shanghai Composite Index closed 0.04 percent down at 3,183.63 points, after losing more than 0.6 percent earlier in the afternoon. The Shenzhen Component Index fell 0.3 percent to 10,132.34. The ChiNext Index, which tracks growth enterprises in Shenzhen, fared the best, as it rose 0.3 percent to 1,695.73. The bourses logged light trading volumes.
The major indexes overcame early slumps to move back to the positive territory as the market sentiment improved on the back of new trade data, which attracted bargain-hunters to leave the sidelines and start buying. In the first quarter, China's trade surplus increased 71 percent from a year ago to reach USD76.3 billion, according to China's customs. Double-digit growth in exports in March is the main reason behind the rally.
Investor confidence was hit hard after the government announced consumer and producer price indexes for March yesterday, causing major stock benchmarks to dip yesterday. A rise in inflation could prompt regulators to refrain from implementing more accommodating fiscal and monetary policies.
The National Bureau of Statistics is scheduled to release the gross domestic product growth data for the first quarter on April 17.
Editor: Emmi Laine