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March 20, 2013, 4:28 a.m. EDT

Shanghai stocks jump to lead Asia markets

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By Sarah Turner and V. Phani Kumar, MarketWatch

SYDNEY (MarketWatch) — Mainland Chinese stocks surged Wednesday, leading Asian markets by a big margin even as the Cyprus parliament’s rejection of a European bailout plan fueled some uncertainty elsewhere.

The Shanghai Composite index /zigman2/quotes/206600939/delayed CN:000001 -3.09% jumped 2.7% to 2,317.37 and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.98%  climbed 1%, as investors snapped up beaten-down banks and property developers in both markets.

But markets elsewhere retreated, after the Cypriot parliament rejected a proposed financial bailout plan, forcing the government and its creditors back to the negotiating table.

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Cyprus parliament rejects bank deposit tax

Lawmakers in Cyprus voted against a bank-deposit levy, part of a bill required to secure an international bailout and avoid default.

“The upshot of this rejection is that the European Union and the International Monetary Fund will need to quickly come up with a more appealing bailout package to avert the impending Cypriot default,” said William Leys, sales trader at CMC Markets.

“Until this happens uncertainty will continue, contagion fears will linger, and markets will likely remain under pressure,” said Leys.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.03%  declining 1%, Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -0.59%  losing 0.4% and Taiwan’s Taiex shedding 0.5%.

Japanese markets were closed Wednesday for a holiday.

Iron ore-exposed miners were particularly weak in Australia on a subdued outlook for the mineral, used as an input material for steel.

Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -0.75%   /zigman2/quotes/202627887/composite RIO -0.58%  dropped 2%, BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -0.66%   /zigman2/quotes/208108397/composite BHP -1.19%  fell 2.7% and Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.30% /zigman2/quotes/204116626/composite FSUMF +1.21%  declined 2.3%.

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Losses in South Korea were spread across sectors, with banks and some exporters hit. Mirae Asset Securities Co.  tumbled 5.1% and Woori Finance Holdings Co. /zigman2/quotes/203604265/composite WF -2.59% 2.8% lower, while heavyweight Samsung Electronics Co. /zigman2/quotes/202367843/composite SSNLF 0.00%   /zigman2/quotes/209800866/delayed KR:005930 -0.38%  lost 1%.

Banks and property firms helped the rebound in Hong Kong as buyers circled back into those stocks after losses suffered earlier in the week.

“With share prices of the H-share banks down 5-12% in the past month, the current risk-reward seems more favorable, provided that China’s GDP growth continues to accelerate,” said Deutsche Bank’s banking analyst Tracy Yu. H share refers to shares of mainland Chinese companies listed on the Hong Kong stock exchange.

“We believe the new policy focus on cost control might help improve efficiency and profitability,” she said, while raising fiscal-year net profit estimates for the sector by 4%.

Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -1.88% /zigman2/quotes/202128064/composite BCMXY +1.85% /zigman2/quotes/207155262/delayed CN:601328 -2.15%  climbed 3.3% and China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -2.15% /zigman2/quotes/207732534/composite CICHY -2.27%   /zigman2/quotes/208058581/delayed CN:601939 -3.50%  rose 2.6%; in Shanghai, the stocks jumped 4.1% and 2.6%, respectively.

Chinese property developers also attracted buying, with China Vanke Co.  rising 2.5% in Shenzhen, Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 -3.53%  advancing 4.2% in Shanghai and China Overseas Land & Investment Ltd. /zigman2/quotes/202573805/composite CAOVY -2.58%   /zigman2/quotes/205731176/delayed HK:688 -0.98% adding 2.9% in Hong Kong.

/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.05
-0.48 -3.09%
Volume: 126.20M
July 10, 2020 1:20p
P/E Ratio
10.46
Dividend Yield
1.45%
Market Cap
¥305.84 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,690.35
-519.81 -1.98%
Volume: 1.14M
July 10, 2020 1:20p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,145.66
-22.24 -1.03%
Volume: 718,857
July 10, 2020 2:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,920.10
-35.40 -0.59%
Volume: 367,287
July 10, 2020 3:15p
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.93
-0.74 -0.75%
Volume: 758,080
July 10, 2020 3:15p
P/E Ratio
13.96
Dividend Yield
6.71%
Market Cap
$139.25 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 57.96
-0.34 -0.58%
Volume: 2.34M
July 9, 2020 4:00p
P/E Ratio
11.84
Dividend Yield
6.59%
Market Cap
$97.01 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.22
-0.24 -0.66%
Volume: 2.03M
July 10, 2020 3:15p
P/E Ratio
13.55
Dividend Yield
5.88%
Market Cap
$169.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 50.50
-0.61 -1.19%
Volume: 1.64M
July 9, 2020 4:00p
P/E Ratio
13.58
Dividend Yield
5.66%
Market Cap
$118.08 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 14.83
-0.05 -0.30%
Volume: 3.41M
July 10, 2020 3:15p
P/E Ratio
6.38
Dividend Yield
6.75%
Market Cap
$45.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/composite
US : U.S.: OTC
$ 10.25
+0.12 +1.21%
Volume: 2,000
July 9, 2020 10:18a
P/E Ratio
6.34
Dividend Yield
N/A
Market Cap
$31.45 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203604265/composite
US : U.S.: NYSE
$ 21.78
-0.58 -2.59%
Volume: 40,394
July 9, 2020 4:00p
P/E Ratio
4.57
Dividend Yield
6.09%
Market Cap
$5.32 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202367843/composite
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 0.00
June 30, 2020 5:20p
P/E Ratio
16.69
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
52,600.00
-200.00 -0.38%
Volume: 9.59M
July 10, 2020 2:15p
P/E Ratio
16.78
Dividend Yield
2.69%
Market Cap
₩354662.75 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.70
-0.09 -1.88%
Volume: 15.74M
July 10, 2020 1:19p
P/E Ratio
4.00
Dividend Yield
7.34%
Market Cap
HK$415.15 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/202128064/composite
US : U.S.: OTC
$ 14.86
+0.27 +1.85%
Volume: 100.00
July 8, 2020 9:30a
P/E Ratio
4.22
Dividend Yield
6.43%
Market Cap
$53.57 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.46
-0.12 -2.15%
Volume: 145.26M
July 10, 2020 1:20p
P/E Ratio
5.25
Dividend Yield
5.77%
Market Cap
¥375.92 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.37
-0.14 -2.15%
Volume: 164.12M
July 10, 2020 1:20p
P/E Ratio
5.24
Dividend Yield
5.49%
Market Cap
HK$1656.14 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/207732534/composite
US : U.S.: OTC
$ 16.61
-0.39 -2.27%
Volume: 28,296
July 9, 2020 3:51p
P/E Ratio
5.33
Dividend Yield
4.59%
Market Cap
$213.69 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.61
-0.24 -3.50%
Volume: 158.71M
July 10, 2020 1:20p
P/E Ratio
6.11
Dividend Yield
4.84%
Market Cap
¥1499.62 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 17.49
-0.64 -3.53%
Volume: 75.44M
July 10, 2020 1:20p
P/E Ratio
7.44
Dividend Yield
4.69%
Market Cap
¥212.31 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/202573805/composite
US : U.S.: OTC
$ 16.22
-0.43 -2.58%
Volume: 13,719
July 9, 2020 3:51p
P/E Ratio
N/A
Dividend Yield
3.46%
Market Cap
$36.12 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 25.25
-0.25 -0.98%
Volume: 4.87M
July 10, 2020 1:19p
P/E Ratio
N/A
Dividend Yield
4.04%
Market Cap
HK$279.92 billion
Rev. per Employee
HK$30.79M
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Sarah Turner is MarketWatch's bureau chief in Sydney. Follow her on Twitter @SarahTurnerMKTW. Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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