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June 24, 2011, 4:20 a.m. EDT

Asia stocks rally, with China banks among gainers

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By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) — Asian shares rallied into the end of the week as airlines, Chinese banks and Japanese exporters helped lead the broad advance Friday.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.17%  jumped 1.9% to close at 22,171.95, the Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +2.30%  climbed 2.2%, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.67%  rose 1.7%.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.34%  ended 0.9% higher at 9,678.71, and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.25%  advanced 0.2%.

“Comments from China’s Premier Wen [Jiabao] that Chinese inflation pressures are now under control have seen investors in an optimistic frame of mind heading into the weekend,” said IG Markets strategist Ben Potter.

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The Chinese premier wrote in a Financial Times editorial published Friday that Beijing’s efforts to curb inflation have worked, with price gains now back within a controllable range.

Chinese banks — which have been expecting more monetary- policy tightening to control prices — traded notably higher in Hong Kong, with Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 0.00%   /zigman2/quotes/201568493/delayed BACHY +0.79%  up 2.9%, Agricultural Bank of China Ltd. /zigman2/quotes/200705246/delayed HK:1288 -0.31%   /zigman2/quotes/204629388/delayed CN:601288 +0.86%   leaping 6.1%, China Citic Bank Corp. /zigman2/quotes/205809997/delayed HK:998 +0.24%   /zigman2/quotes/204346887/delayed CHBJF -18.18%  adding 3.9%, and China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 0.00%   /zigman2/quotes/207732534/delayed CICHY +1.33%   up 3.5%.

However, Bank of America Merrill Lynch economist Ting Lu cautioned against reading too much into Wen’s statement, citing remarks the premier made to domestic officials earlier this month which “emphasized more difficulties than achievements.”

“Despite these positive messages from Wen [in the editorial], it could be wrong to expect the Chinese government to change its policy stance soon,” Lu said. Read more on China premier comments,

Oil down, Europe hopeful

Oil prices plunged 4.6% in New York on Thursday after the International Energy Agency unexpectedly said it would release 60 million barrels of oil onto markets, though crude futures later edged up in Asian trading, taking back a small portion of the loss. Read more on oil.

Airlines advanced after the oil sell-off, with Cathay Pacific Airlines Ltd, /zigman2/quotes/208114856/delayed CPCAY +2.14%   /zigman2/quotes/208114856/delayed CPCAY +2.14%   up 5.3%, and Air China Ltd. /zigman2/quotes/203408003/delayed HK:753 +0.58%   /zigman2/quotes/207207351/delayed AIRYY +1.37%  soaring 7.8% in Hong Kong. In Sydney, Qantas Airways Ltd. /zigman2/quotes/205534063/delayed AU:QAN +5.87%   /zigman2/quotes/200387630/delayed QUBSF -1.74%   advanced 1.9%.

However, energy firms were consequently weaker, with Cnooc Ltd. /zigman2/quotes/203421416/delayed HK:883 +1.16%   /zigman2/quotes/204964401/composite CEO +1.53%  losing 1% in Hong Kong, and Japan Petroleum Exploration Co. /zigman2/quotes/201212147/delayed JP:1662 +2.42%   /zigman2/quotes/202925532/delayed JPTXF -1.12%  dropping 0.7% in Tokyo.

At the same time, reports that Greece had gained European Union and International Monetary Fund approval of its latest five-year austerity plan fueled hopes for progress on resolving the country’s sovereign-debt crisis. Read more on Greek austerity plan deal.

This helped some exporters gain in Tokyo, with Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +2.06%   /zigman2/quotes/208567357/composite SNE +0.65%  rising 2.4%, Toyota Motor Co. /zigman2/quotes/203803129/delayed JP:7203 +2.77%   /zigman2/quotes/200537742/composite TM -1.10% , closing 1.1% higher, and Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -1.65%   /zigman2/quotes/204149068/delayed TOSYY -1.69%  adding 4.9%. Sony and Toshiba were also aided by Mitsubishi UFJ Morgan Stanley Securities upgrades of each firm’s shares to outperform from neutral.

In Seoul, Samsung Electronics Co. , rose 2.5%, and LG Display Co. /zigman2/quotes/204466928/composite LPL +0.61%  gained 5.2%.

Losses for Telstra Corp. /zigman2/quotes/201936124/delayed AU:TLS +1.07%   /zigman2/quotes/202275272/delayed TTRAF -3.16%  weighed once again in Sydney, with the Australian telecom major extending losses from the previous session, when it signed a deal with the Australian government to enable access to its broadband infrastructure.

Telstra shares finished down 2.7% on Friday, bringing week-to-date losses to over 5%.

Meanwhile, shares of Italian fashion house Prada SpA /zigman2/quotes/200575701/delayed HK:1913 0.00%  chalked up mild gains in their Hong Kong trading debut, rising 0.3% but underperforming the broader market. The shares had traded lower in the gray market in the days ahead of the launch.

Chris Oliver in Hong Kong contributed to the report.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,609.16
-46.65 -0.17%
Volume: 1.58M
Feb. 20, 2020 4:08p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.59
+0.35 +2.30%
Volume: 123.54M
Feb. 20, 2020 3:00p
P/E Ratio
11.14
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1.40%
Market Cap
¥295.75 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,195.50
-14.84 -0.67%
Volume: 709,563
Feb. 20, 2020 3:30p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,479.15
+78.45 +0.34%
Volume: 0.00
Feb. 20, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,162.50
+17.90 +0.25%
Volume: 797,553
Feb. 20, 2020 5:23p
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/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 3.22
0.00 0.00%
Volume: 257.13M
Feb. 20, 2020 4:08p
P/E Ratio
4.53
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6.55%
Market Cap
HK$947.86 billion
Rev. per Employee
HK$3.13M
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/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 10.27
+0.08 +0.79%
Volume: 48,474
Feb. 19, 2020 3:50p
P/E Ratio
4.61
Dividend Yield
5.41%
Market Cap
$34.65 billion
Rev. per Employee
$399,878
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/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 3.19
-0.01 -0.31%
Volume: 153.45M
Feb. 20, 2020 4:08p
P/E Ratio
4.62
Dividend Yield
6.20%
Market Cap
HK$1119.94 billion
Rev. per Employee
HK$2.16M
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/zigman2/quotes/204629388/delayed
CN : China: Shanghai
¥ 3.51
+0.03 +0.86%
Volume: 199.42M
Feb. 20, 2020 3:00p
P/E Ratio
5.80
Dividend Yield
4.95%
Market Cap
¥1217.94 billion
Rev. per Employee
¥1.80M
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/zigman2/quotes/205809997/delayed
HK : Hong Kong
HK$ 4.22
+0.01 +0.24%
Volume: 26.26M
Feb. 20, 2020 4:08p
P/E Ratio
4.25
Dividend Yield
6.20%
Market Cap
HK$206.02 billion
Rev. per Employee
HK$6.26M
loading...
/zigman2/quotes/204346887/delayed
US : U.S.: OTC
$ 0.45
-0.10 -18.18%
Volume: 0.00
Jan. 3, 2020 12:53p
P/E Ratio
3.96
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$798,893
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.55
0.00 0.00%
Volume: 358.04M
Feb. 20, 2020 4:08p
P/E Ratio
5.49
Dividend Yield
5.33%
Market Cap
HK$1637.57 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/207732534/delayed
US : U.S.: OTC
$ 16.77
+0.22 +1.33%
Volume: 57,683
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P/E Ratio
5.45
Dividend Yield
4.49%
Market Cap
$2026.35 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 6.67
+0.14 +2.14%
Volume: 5,644
Feb. 19, 2020 3:10p
P/E Ratio
10.40
Dividend Yield
3.19%
Market Cap
$5.27 billion
Rev. per Employee
$544,403
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 6.67
+0.14 +2.14%
Volume: 5,644
Feb. 19, 2020 3:10p
P/E Ratio
10.40
Dividend Yield
3.19%
Market Cap
$5.27 billion
Rev. per Employee
$544,403
loading...
/zigman2/quotes/203408003/delayed
HK : Hong Kong
HK$ 6.98
+0.04 +0.58%
Volume: 34.57M
Feb. 20, 2020 4:08p
P/E Ratio
12.46
Dividend Yield
1.68%
Market Cap
HK$100.80 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/207207351/delayed
US : U.S.: OTC
$ 17.74
+0.24 +1.37%
Volume: 50.00
Feb. 19, 2020 5:20p
P/E Ratio
12.40
Dividend Yield
1.41%
Market Cap
$4.07 billion
Rev. per Employee
$239,698
loading...
/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 6.67
+0.37 +5.87%
Volume: 13.66M
Feb. 20, 2020 4:10p
P/E Ratio
12.23
Dividend Yield
3.75%
Market Cap
$9.24 billion
Rev. per Employee
$568,765
loading...
/zigman2/quotes/200387630/delayed
US : U.S.: OTC
$ 4.52
-0.08 -1.74%
Volume: 0.00
Feb. 14, 2020 5:20p
P/E Ratio
11.57
Dividend Yield
N/A
Market Cap
$6.22 billion
Rev. per Employee
$424,527
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 12.22
+0.14 +1.16%
Volume: 65.31M
Feb. 20, 2020 4:08p
P/E Ratio
8.26
Dividend Yield
5.97%
Market Cap
HK$539.34 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204964401/composite
US : U.S.: NYSE
$ 157.48
+2.38 +1.53%
Volume: 144,126
Feb. 19, 2020 6:30p
P/E Ratio
8.35
Dividend Yield
5.30%
Market Cap
$70.31 billion
Rev. per Employee
$1.78M
loading...
/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 2,798.00
+66.00 +2.42%
Volume: 266,000
Feb. 20, 2020 3:00p
P/E Ratio
8.03
Dividend Yield
1.79%
Market Cap
¥156.14 billion
Rev. per Employee
¥156.48M
loading...
/zigman2/quotes/202925532/delayed
US : U.S.: OTC
$ 21.16
-0.24 -1.12%
Volume: 0.00
Dec. 30, 2019 5:19p
P/E Ratio
6.63
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$1.42M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,522.00
+152.00 +2.06%
Volume: 6.56M
Feb. 20, 2020 3:00p
P/E Ratio
14.50
Dividend Yield
0.60%
Market Cap
¥9038.69 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 67.07
+0.43 +0.65%
Volume: 1.23M
Feb. 19, 2020 6:30p
P/E Ratio
14.06
Dividend Yield
0.40%
Market Cap
$82.26 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,752.00
+209.00 +2.77%
Volume: 5.73M
Feb. 20, 2020 3:00p
P/E Ratio
8.96
Dividend Yield
2.84%
Market Cap
¥21325.20 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 137.84
-1.54 -1.10%
Volume: 315,218
Feb. 19, 2020 6:30p
P/E Ratio
8.68
Dividend Yield
2.59%
Market Cap
$194.85 billion
Rev. per Employee
$737,463
loading...
/zigman2/quotes/205628942/delayed
JP : Japan: Tokyo
¥ 3,285.00
-55.00 -1.65%
Volume: 2.01M
Feb. 20, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.91%
Market Cap
¥1514.96 billion
Rev. per Employee
¥26.86M
loading...
/zigman2/quotes/204149068/delayed
US : U.S.: OTC
$ 15.10
-0.26 -1.69%
Volume: 9,495
Feb. 19, 2020 3:45p
P/E Ratio
N/A
Dividend Yield
0.43%
Market Cap
$13.65 billion
Rev. per Employee
$243,606
loading...
/zigman2/quotes/204466928/composite
US : U.S.: NYSE
$ 6.64
+0.04 +0.61%
Volume: 138,681
Feb. 19, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.75 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201936124/delayed
AU : Australia: Sydney
$ 3.79
+0.04 +1.07%
Volume: 20.18M
Feb. 20, 2020 4:10p
P/E Ratio
21.89
Dividend Yield
4.22%
Market Cap
$44.56 billion
Rev. per Employee
$774,100
loading...
/zigman2/quotes/202275272/delayed
US : U.S.: OTC
$ 2.45
-0.08 -3.16%
Volume: 1,500
Feb. 19, 2020 10:55a
P/E Ratio
20.40
Dividend Yield
N/A
Market Cap
$29.11 billion
Rev. per Employee
$579,274
loading...
/zigman2/quotes/200575701/delayed
HK : Hong Kong
HK$ 28.20
0.00 0.00%
Volume: 774,455
Feb. 20, 2020 4:08p
P/E Ratio
31.75
Dividend Yield
1.84%
Market Cap
HK$72.16 billion
Rev. per Employee
N/A
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Sarah Turner is MarketWatch's bureau chief in Sydney.

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