Bulletin
Investor Alert

Asia Markets Archives | Email alerts

July 19, 2012, 8:05 a.m. EDT

Tech shares, banking sector climb in Asia

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    S&P/ASX 200 Benchmark Index (XJO)
  • X
    KOSPI Composite Index (180721)
  • X
    Hang Seng Index (HSI)

or Cancel Already have a watchlist? Log In

By Sarah Turner and Chris Oliver, MarketWatch

HONG KONG (MarketWatch) — Tech shares paced gains as most Asian stock markets surged on Thursday, with Chinese banks and insurance companies also putting in a strong performance.

Australia’s benchmark S&P/ASX 200 Index /zigman2/quotes/210598100/delayed AU:XJO -2.42% surged 2%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -3.94% gained 1.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.19% jumped 1.7%.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -4.50% gained 0.8% and China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +0.70% added 0.7%.

Louis Capital Markets sales trader Michael Hsia said investors began to rethink bad news weighing Chinese banks and turn their attention to attractive dividend yields. Insurance stocks were seen as potential beneficiaries from growth in the wealth management business.

”As interest rates drop money seems to be flowing back to life products rather than sitting in savings deposits,” Hsia said, referring to the structured savings plans offered by some insurance companies.

Gains in the insurance sector may also have been tied to expectations of a market-liberalization announcement by China financial regulators. After the close of trading in Hong Kong, the China Insurance Regulatory Commission said that mainland insurers would be allowed to invest in hybrid and convertible bonds.

Shares of Bank of Communications Co. Ltd, /zigman2/quotes/203442771/delayed HK:3328 -1.89% /zigman2/quotes/208048873/delayed BKFCF -10.96% were up 3.3%, while China Life Insurance Co. Ltd. /zigman2/quotes/202359856/delayed HK:2628 -1.19%   /zigman2/quotes/206573290/composite LFC -3.28% climbed 2.3%.

Other triggers for the day’s gains came from a surge in U.S. housing starts in June and from strong technology-sector earnings that pushed stocks on Wall Street higher on Wednesday. Read more on U.S. stock markets.

In Japan, shares of Advantest Corp. /zigman2/quotes/206869087/delayed JP:6857 -8.06% /zigman2/quotes/202479540/delayed ADTTF -8.70% jumped 6.5%, component maker Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 -5.14% /zigman2/quotes/201351352/delayed RNECY -11.96% climbed 7.4% and Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 -2.16% /zigman2/quotes/203416411/delayed HTHIF +6.27% added 2.4%.

Tech-sector gains also showed up in other markets, with Samsung Electronics Co. /zigman2/quotes/202367843/delayed SSNLF 0.00% climbing 4% in Seoul. Internet firm Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 -1.53% /zigman2/quotes/207908563/delayed TCEHY -4.14% rose 2.5% in Hong Kong.

Telecommunications shares were also strong in Hong Kong after suffering recent declines. China Unicom Hong Kong Ltd. /zigman2/quotes/205091392/delayed HK:762 -0.67% /zigman2/quotes/205476740/composite CHU -3.91% rose 5.4%, and rival China Telecom Corp. /zigman2/quotes/206668971/delayed HK:728 -1.28% /zigman2/quotes/200463528/composite CHA -3.47% shot up 6.8%.

After the close of regular trading, China Unicom said in its monthly operating update that it had signed up 3.03 million 3G subscribers in June, lifting its total 3G subscriber base to 57.53 million.

A lift in New York-traded oil prices saw energy-sector firms gain in Asia. Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 -3.19% /zigman2/quotes/207958170/delayed IPXHY -3.07% gained 2.4% and Showa Shell Sekiyu K.K. /zigman2/quotes/206309793/delayed SWSKF +35.25% rose 3.1% in Tokyo. Read Futures Movers.

Well-received updates gave an additional boost to some Australian energy-sector firms, with Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL +0.76% /zigman2/quotes/206770672/delayed WOPEF +2.20% jumping 7.5% after it reported higher revenue and lifted annual guidance. Read more on Woodside outlook hike.

Also in Sydney, Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO +4.27% /zigman2/quotes/207933640/delayed STOSF +6.97% climbed 5.8% after reporting an 18% rise in second-quarter revenue. Read more on Santos revenue report.

Copper prices advanced in New York on Wednesday after the U.S. housing data.

Click to Play

Typos at HSBC skirt U.S. sanctions against Myanmar

HSBC cites spelling mistakes and bad filters as reasons why financial transactions involving Myanmar slipped through, despite U.S. banking sanctions against Myanmar.

In Sydney, BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -1.79% /zigman2/quotes/208108397/composite BHP -2.23% climbed 3.1%.

Iron ore extractor Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -3.57% /zigman2/quotes/204116626/delayed FSUMF +0.50% rose 4.8%.

Still, airlines saw some underperformance amid recent oil-price strength, with Qantas Airways Ltd. /zigman2/quotes/205534063/delayed AU:QAN -3.85% /zigman2/quotes/200387630/delayed QUBSF 0.00% trading up 1% in Sydney, and Cathay Pacific Airways Ltd. /zigman2/quotes/203532437/delayed HK:293 -2.17% /zigman2/quotes/208114856/delayed CPCAY -2.21% underperforming the broader Hong Kong market with a 0.8% gain.

/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,131.40
-127.20 -2.42%
Volume: 181,623
April 2, 2020 10:58a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,685.46
-69.18 -3.94%
Volume: 1.24M
April 1, 2020 3:33p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,085.79
-517.69 -2.19%
Volume: 2.88M
April 1, 2020 4:08p
loading...
/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
18,065.41
-851.60 -4.50%
Volume: 0.00
April 1, 2020 3:00p
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 12.89
+0.09 +0.70%
Volume: 52.08M
April 1, 2020 3:00p
P/E Ratio
9.21
Dividend Yield
1.69%
Market Cap
¥248.40 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.66
-0.09 -1.89%
Volume: 44.65M
April 1, 2020 4:08p
P/E Ratio
3.96
Dividend Yield
7.37%
Market Cap
HK$352.75 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.65
-0.08 -10.96%
Volume: 31,669
March 30, 2020 5:20p
P/E Ratio
4.30
Dividend Yield
N/A
Market Cap
$48.27 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 15.00
-0.18 -1.19%
Volume: 48.86M
April 1, 2020 4:08p
P/E Ratio
6.38
Dividend Yield
5.31%
Market Cap
HK$429.06 billion
Rev. per Employee
HK$7.60M
loading...
/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 9.44
-0.32 -3.28%
Volume: 485,394
April 1, 2020 6:30p
P/E Ratio
7.42
Dividend Yield
0.90%
Market Cap
$14.53 billion
Rev. per Employee
$970,796
loading...
/zigman2/quotes/206869087/delayed
JP : Japan: Tokyo
¥ 3,990.00
-350.00 -8.06%
Volume: 3.56M
April 1, 2020 3:00p
P/E Ratio
16.63
Dividend Yield
1.88%
Market Cap
¥860.94 billion
Rev. per Employee
¥64.26M
loading...
/zigman2/quotes/202479540/delayed
US : U.S.: OTC
$ 47.47
-4.53 -8.70%
Volume: 5.00
March 30, 2020 5:20p
P/E Ratio
21.54
Dividend Yield
N/A
Market Cap
$9.92 billion
Rev. per Employee
$581,734
loading...
/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 369.00
-20.00 -5.14%
Volume: 10.81M
April 1, 2020 3:00p
P/E Ratio
293.98
Dividend Yield
N/A
Market Cap
¥665.53 billion
Rev. per Employee
¥36.92M
loading...
/zigman2/quotes/201351352/delayed
US : U.S.: OTC
$ 1.62
-0.22 -11.96%
Volume: 10,473
April 1, 2020 3:46p
P/E Ratio
265.57
Dividend Yield
N/A
Market Cap
$6.17 billion
Rev. per Employee
$334,299
loading...
/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 3,075.00
-68.00 -2.16%
Volume: 5.43M
April 1, 2020 3:00p
P/E Ratio
15.25
Dividend Yield
2.93%
Market Cap
¥3036.88 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/203416411/delayed
US : U.S.: OTC
$ 28.65
+1.69 +6.27%
Volume: 2,610
April 1, 2020 5:20p
P/E Ratio
15.63
Dividend Yield
N/A
Market Cap
$28.35 billion
Rev. per Employee
$279,568
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 0.00
March 24, 2020 5:20p
P/E Ratio
16.29
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 374.40
-5.80 -1.53%
Volume: 23.62M
April 1, 2020 4:08p
P/E Ratio
33.81
Dividend Yield
0.32%
Market Cap
HK$3603.02 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/207908563/delayed
US : U.S.: OTC
$ 47.06
-2.03 -4.14%
Volume: 4.19M
April 1, 2020 3:59p
P/E Ratio
33.30
Dividend Yield
0.24%
Market Cap
$464.85 billion
Rev. per Employee
$1.05M
loading...
/zigman2/quotes/205091392/delayed
HK : Hong Kong
HK$ 4.44
-0.03 -0.67%
Volume: 40.21M
April 1, 2020 4:08p
P/E Ratio
10.53
Dividend Yield
3.64%
Market Cap
HK$136.77 billion
Rev. per Employee
HK$1.29M
loading...
/zigman2/quotes/205476740/composite
US : U.S.: NYSE
$ 5.65
-0.23 -3.91%
Volume: 545,910
April 1, 2020 6:30p
P/E Ratio
10.50
Dividend Yield
3.17%
Market Cap
$17.99 billion
Rev. per Employee
$164,278
loading...
/zigman2/quotes/206668971/delayed
HK : Hong Kong
HK$ 2.32
-0.03 -1.28%
Volume: 75.34M
April 1, 2020 4:08p
P/E Ratio
8.01
Dividend Yield
5.39%
Market Cap
HK$190.19 billion
Rev. per Employee
HK$1.57M
loading...
/zigman2/quotes/200463528/composite
US : U.S.: NYSE
$ 29.46
-1.06 -3.47%
Volume: 112,532
April 1, 2020 6:30p
P/E Ratio
798.37
Dividend Yield
4.88%
Market Cap
$4.24 billion
Rev. per Employee
$200,534
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 589.40
-19.40 -3.19%
Volume: 10.88M
April 1, 2020 3:00p
P/E Ratio
5.48
Dividend Yield
6.11%
Market Cap
¥888.97 billion
Rev. per Employee
¥291.81M
loading...
/zigman2/quotes/207958170/delayed
US : U.S.: OTC
$ 5.29
-0.17 -3.07%
Volume: 58,770
April 1, 2020 3:47p
P/E Ratio
5.36
Dividend Yield
3.34%
Market Cap
$8.23 billion
Rev. per Employee
$2.64M
loading...
/zigman2/quotes/206309793/delayed
US : U.S.: OTC
$ 22.60
+5.89 +35.25%
Volume: 300.00
Oct. 2, 2018 12:00a
P/E Ratio
58.88
Dividend Yield
N/A
Market Cap
$5.69 billion
Rev. per Employee
$5.06M
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 19.79
+0.15 +0.76%
Volume: 1.23M
April 2, 2020 10:58a
P/E Ratio
38.29
Dividend Yield
6.89%
Market Cap
$17.34 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206770672/delayed
US : U.S.: OTC
$ 11.15
+0.24 +2.20%
Volume: 9,759
April 1, 2020 5:20p
P/E Ratio
30.34
Dividend Yield
8.16%
Market Cap
$10.62 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 3.91
+0.16 +4.27%
Volume: 2.75M
April 2, 2020 10:58a
P/E Ratio
8.49
Dividend Yield
4.21%
Market Cap
$7.11 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/207933640/delayed
US : U.S.: OTC
$ 2.36
+0.15 +6.97%
Volume: 26,941
April 1, 2020 10:05a
P/E Ratio
7.36
Dividend Yield
N/A
Market Cap
$4.41 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 29.69
-0.54 -1.79%
Volume: 1.47M
April 2, 2020 10:58a
P/E Ratio
11.11
Dividend Yield
7.18%
Market Cap
$146.54 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 35.87
-0.82 -2.23%
Volume: 3.71M
April 1, 2020 6:30p
P/E Ratio
9.65
Dividend Yield
7.97%
Market Cap
$54.02 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 9.98
-0.37 -3.57%
Volume: 3.43M
April 2, 2020 10:58a
P/E Ratio
4.30
Dividend Yield
10.02%
Market Cap
$30.78 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 6.04
+0.03 +0.50%
Volume: 9,286
April 1, 2020 3:41p
P/E Ratio
3.74
Dividend Yield
N/A
Market Cap
$18.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 3.25
-0.13 -3.85%
Volume: 3.86M
April 2, 2020 10:58a
P/E Ratio
6.09
Dividend Yield
8.15%
Market Cap
$4.74 billion
Rev. per Employee
$568,765
loading...
/zigman2/quotes/200387630/delayed
US : U.S.: OTC
$ 2.05
0.00 0.00%
Volume: 200.00
April 1, 2020 1:30p
P/E Ratio
5.54
Dividend Yield
N/A
Market Cap
$3.01 billion
Rev. per Employee
$424,527
loading...
/zigman2/quotes/203532437/delayed
HK : Hong Kong
HK$ 8.12
-0.18 -2.17%
Volume: 1.53M
April 1, 2020 4:08p
P/E Ratio
18.89
Dividend Yield
2.22%
Market Cap
HK$32.65 billion
Rev. per Employee
HK$4.27M
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 5.14
-0.12 -2.21%
Volume: 23,420
April 1, 2020 3:42p
P/E Ratio
18.75
Dividend Yield
4.14%
Market Cap
$4.21 billion
Rev. per Employee
$544,403
loading...

Sarah Turner is MarketWatch's bureau chief in Sydney. Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.