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Feb. 13, 2012, 3:19 a.m. EST

Asia stocks advance after Greek austerity vote

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By Sarah Turner and Virginia Harrison, MarketWatch

SYDNEY (MarketWatch) — Asian markets gained Monday after Greek lawmakers voted in favor of austerity measures required to secure bailout funds and avert a likely default.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +1.03% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.80%  each closed 0.6% higher, while Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +0.25%  advanced 0.9%.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.10%  rose 0.5%, while the Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -0.20%  lagged the advance to finish flat as property stocks sold down.

Broad gains for Asia on Monday followed news that Greek lawmakers approved a package of austerity measures which international backers had demanded before signing off on 130 billion euros ($176.6 billion) worth of fresh aid.

The vote came amid violent protests in Athens against the latest round of deep spending cuts and public-sector job layoffs. Read more on the Greek austerity vote.

“Approval by the Greek parliament of fresh austerity measures overnight will be greeted with relief by markets. However, the approval did not come without major cost in the form of escalating protests and violence within Greece,” said Mitul Kotecha, strategist at Credit Agricole.

Click to Play

Greek police dodge Molotovs, stones

Police dodge gasoline bombs and stones as rage over a new austerity deal exploded in Athens over the weekend. (Video: Reuters/Photo: Getty Images)

“Greek worries have not managed to damage risk appetite too much, helped by relatively positive data releases and central-bank policy actions over recent weeks. This week’s U.S. data releases will help to sustain this momentum,” Kotecha said.

Select Asian exporters with relatively large exposure to Europe did well in Monday trading.

In Tokyo, Mazda Motor Corp. /zigman2/quotes/204777714/delayed JP:7261 +0.19%  put on 1.4%, and Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 +0.68%   added 2.1%, while Esprit Holdings Ltd. /zigman2/quotes/205943307/delayed HK:330 -2.16%   /zigman2/quotes/209270177/composite ESHDF +4.14%  climbed 4.5% in Hong Kong.

Notable movers on the Japanese bourse included Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 +1.80%   /zigman2/quotes/207137761/composite SFTBY +1.45% , which rallied 3.5% following a Nikkei news report that the firm was likely to win new spectrum.

Tokyo-listed shares generally shrugged off data showing Japan’s economy contracted by a larger-than-expected margin in the last quarter of 2011. See report on Japanese economic data.

In Hong Kong, insurers were among the leading advancers. Ping An Insurance Group Co. /zigman2/quotes/210315058/delayed HK:2318 -0.37%   /zigman2/quotes/202212125/composite PNGAY -0.81%  rose 2.2%, while AIA Group Ltd. /zigman2/quotes/203565558/delayed HK:1299 +0.88%   /zigman2/quotes/201974019/composite AAIGF -0.41%  added 1.9%.

However, news that the eastern Chinese city of Wuhu reversed plans to lift home-buying restrictions in effect across much of the country hit mainland Chinese property names. See report on Wuhu’s policy rollback.

In Hong Kong, China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 +0.69%   /zigman2/quotes/201656413/composite CRBJF -3.61%  finished down 5.8%, Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -0.66% /zigman2/quotes/200754284/composite AGPYY +2.82%  plunged 6.6%, Evergrande Real Estate Group Ltd. /zigman2/quotes/208605330/delayed HK:3333 +8.55%   /zigman2/quotes/202061721/composite EGRNF +2.32%  surrendered 6.9%, and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 -1.80%   /zigman2/quotes/210412581/composite CAOVF +3.02%  dropped 4.8%.

In Shanghai, Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 -2.28%  fell 2.9%, and Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 -2.35%  lost 3.1%.

Most major exporter shares did well in Seoul, as Samsung Electronics Co. SSNGY 0.00%  gained 2%, while Kia Motors Corp. /zigman2/quotes/205439169/composite KIMTF %  jumped 3.6%, and LG Display Co. /zigman2/quotes/204466928/composite LPL +2.61%  climbed 2.6%.

In Sydney, banks advanced with Australia & New Zealand Banking Group Ltd. /zigman2/quotes/203084975/delayed AU:WBC 0.00%   /zigman2/quotes/210300378/composite WEBNF +1.00%  finishing 1.6% higher after the lender announced it would cut 1,000 jobs in Australia. See report on ANZ job cuts.

Elsewhere in the sector, Macquarie Group Ltd. /zigman2/quotes/206727308/delayed AU:MQG +0.92%   /zigman2/quotes/204353811/composite MCQEF -1.31%   improved by 1.2%, while Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC 0.00%   /zigman2/quotes/210300378/composite WEBNF +1.00%  and National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB -0.32%   /zigman2/quotes/205253475/composite NAUBF +4.40%  each rose 1.4%,

Shares in Leighton Holdings Ltd.   fell 2% after the construction firm said one of its subsidiaries was being investigated by the Australian Federal Police for a potential ethical breach.

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AU : Australia: Sydney
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Market Cap
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US : U.S.: OTC
$ 13.47
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P/E Ratio
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Dividend Yield
N/A
Market Cap
$45.98 billion
Rev. per Employee
$478,263
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/zigman2/quotes/206727308/delayed
AU : Australia: Sydney
$ 168.68
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Market Cap
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US : U.S.: OTC
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-1.50 -1.31%
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P/E Ratio
12.39
Dividend Yield
N/A
Market Cap
$40.59 billion
Rev. per Employee
$667,979
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/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 19.67
0.00 0.00%
Volume: 6.09M
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P/E Ratio
14.17
Dividend Yield
6.15%
Market Cap
$68.78 billion
Rev. per Employee
$646,763
loading...
/zigman2/quotes/210300378/composite
US : U.S.: OTC
$ 13.47
+0.13 +1.00%
Volume: 4,420
July 5, 2022 2:13p
P/E Ratio
13.18
Dividend Yield
N/A
Market Cap
$45.98 billion
Rev. per Employee
$478,263
loading...
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AU : Australia: Sydney
$ 27.65
-0.09 -0.32%
Volume: 4.79M
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P/E Ratio
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Dividend Yield
5.06%
Market Cap
$88.32 billion
Rev. per Employee
$620,376
loading...
/zigman2/quotes/205253475/composite
US : U.S.: OTC
$ 19.23
+0.81 +4.40%
Volume: 0.00
June 28, 2022 12:54p
P/E Ratio
13.21
Dividend Yield
N/A
Market Cap
$61.49 billion
Rev. per Employee
$458,471
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Sarah Turner is MarketWatch's bureau chief in Sydney. Virginia Harrison is a MarketWatch reporter based in Sydney.

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